Forgetting about old insurance policies
The problem with life insurance policies is that they generally run for a very long time indeed.
Consider my Dad who died a couple of years ago. He had policies dating back to the 1930s that we know of and probably a number of others that we don’t know of.
Although life insurance is one of those “good things” that you know you should have, the snag is that having such policies means a commitment to pay them for a rather long time and to keep the original policy documents just as long. I’m sure there are loads of people out there who have a number of long since forgotten about policies as over such a long time you’ve moved house a few times and the insurance company itself has probably been taken over a few times as well.
Is it worthwhile spending time on tracking them down? Well, it depends. Most of the 1930s era policies were written in the days when one assumed that one’s children would die and moreover in a time when money was worth more. Typically, “penny policies” are commonly found and even after such a long time they’re not worth more than a couple of hundred pounds. Not money you’d want to throw away obviously but not worth losing sleep over either.
Popularity: 1% [?]
