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Question for the Money Doctors

Question submitted on Apr 9, 2014.

Question

Im the owner of a policy I took out on my mom in 1982. I forgot about the policy but my mom passed away in 2002 and recently my sister (the beneficiary) has found out somehow. Does the payout goes to me or her?

Answer

Thank you for the question. If your sister is the only beneficiary, then the proceeds will go to her. It doesn't matter that you were the owner of the policy. If you were both beneficiaries, then you would both get your respective portions of the proceeds.


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