Beneficiaries of unclaimed life insurance policies already have received billions of dollars -- and others could be in store for some unexpected cash -- the result of state actions forcing companies to locate heirs and pay them the money they are owed.
Q. I’ve heard that I should get life insurance for my son, who starts college in September. This would be to cover his college loans — he will need many — should something ever happen to him. Does that make sense?
Q. My 70-year-old mother has been paying about $3,500 a year for a whole life policy. Her husband is dead and her kids don’t need the money when she dies. I’d rather see her use the premiums when she’s alive. How can I get her to cancel the policy?
Q. I have a Prudential variable life insurance policy for $100,000.I am 68 years young. I am not paying any premium and it is taken care from the investment choice I have. The cash value is about $10,000. What are my options with the account?