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Fidelity Life Insurance Policy
Posted by: joshy1, February 27, 2015 10:37AM
My parents received a life insurance policy when they bought into a mutual fund with Fidelity in 1969. The policy was written JTWROS as was the mutual fund, with a $15,000 limit on the policy. My father passed away in 2005. Is my mother entitled to the benefits?

Re: Fidelity Life Insurance Policy
Posted by: jainen, February 27, 2015 02:37PM
joshy1 Wrote:
>>The policy was written JTWROS <<

Ownership of the policy is not the issue. You will have to read the actual terms, including the named beneficiary. If your father did not designate a beneficiary, state law must be followed.

Contact the insurance company for details. Expect them to very sympathetic and helpful. However, they will surely want your mother to give them permission to talk to you first, perhaps with a power of attorney.



Re: Fidelity Life Insurance Policy
Posted by: joshy1, February 27, 2015 03:48PM
My mother was named beneficiary in my father's will. However the life insurance policy was written just as the Fidelity fund was, JTWROS. The Fidelity fund has now been transferred in my mother's name only. Since the life insurance policy was written JTWROS do both of them have to die before a beneficiary is paid?

Re: Fidelity Life Insurance Policy
Posted by: jainen, February 27, 2015 03:59PM
joshy1 Wrote:
>>Since the life insurance policy was written JTWROS do both of them have to die before a beneficiary is paid?<<

Contact the insurance company for details. Expect them to very sympathetic and helpful. However, they will surely want your mother to give them permission to talk to you first, perhaps with a power of attorney.


Re: Fidelity Life Insurance Policy
Posted by: joshy1, February 27, 2015 07:55PM
Perhaps someone else has an opinion

Re: Fidelity Life Insurance Policy
Posted by: SC, February 27, 2015 09:14PM
Joshy1, jainen has given you the best advice possible. To determine if your mother is entitled to benefits in that unusual situation you should contact Fidelity. No one else would be able to give you a better answer than them.

Re: Fidelity Life Insurance Policy
Posted by: joshy1, February 27, 2015 10:31PM
Understood and thank you both

Re: Fidelity Life Insurance Policy
Posted by: joshy1, March 7, 2015 12:08PM
Fidelity is NOT being very helpful. This life insurance policy was issued in 1969 with three different insurance companies involved, and Fidelity no longer works with them. Two of the insurance companies have merged with other companies and all three have not been able to help me.
Can I contact the NJ DOBI and make a complaint, will they help me?

Re: Fidelity Life Insurance Policy
Posted by: Art, March 8, 2015 01:55AM
It seems to me for this life insurance policy there are

- owners

- insured person

- beneficiaries

and you need to sort those out.

I would guess your parents were the owners.


Was the policy paid up or were annnual payments being made?

It could be that the policy lapsed due to nonpayment?

Just thinking aloud here.

Re: Fidelity Life Insurance Policy
Posted by: wpatch, March 8, 2015 05:39PM
The State Office that regulates Life insurance should have an answer. Google NJ Life Insurance Regulator. I do not know what DOBI does: possibly Occupational and Business Insurance instead of Life Insurance Products which your policy is. Also, any insurance agent in the state must know.



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