Hi all,

My mother (who has been deceased for 20+ years) took out a life insurance policy on me when I was 14 years old. I was recently contacted out of the blue by the insurance company informing me that my mother had a policy on me and paperwork was enclosed that I need to fill out so I can change the policy owner to me.

I have faxed in the forms and death certificate that they requested, but I was hoping someone could tell me what my options are on this policy. I already have plenty of life insurance through my job and was wondering if this is something I can cash in or does it only pay out upon my death?

The policy was opened 7/1984 and is paid up until 7/2065 and the face value is around $11,000. The coverage name is 'Select Lifestyle'.

You should contact the insurance company and ask what your options are. There may be a cash value built up which you can take out.

Check with the company who holds the policy. Don't be too hasty in your decision to cash it out- check with a financial planner because it may be valuable to keep it since it's already paid up.