OT: Problems collecting on Prudential policies (terrible ROI)
Pruguy
My father, who was killed in a car accident, had several insurance policies with Prudential that he took out in the 1950's. As executor of his estate, I am trying to collect on these policies. Unfortunately, my father took out insurance on family members (e.g., his sister) without notify them. Consequently, people like his sister have no reason to suspect that Prudential has policies in their names. Unless, I track down the beneficiaries, Prudential will apparently pocket all the proceeds from these unclaimed policies. Another aggravating aspect is that these policies purchased in the 1950's achieved maturity/full value in the 1960's/70's then never increased. Consequently, the $2,500 with Prudential is still $2,500--
30 years later. I suspect that many other employees in the 1950's are like my father, who bought insurance on family members by paying a few dollars a month, and that big companies like Prudential are reaping tremendous rewards from these unclaimed assets.Over Christmas, I'm going to write to the AARP about this problem. Maybe I'll even set up a Web site.
What would you suggest?
PoorRich
ps: I wish my Dad would have bought stock instead of these insurance policies. I shudder to think of what $2,500 invested in AT&T in 1950 would be worth today.
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