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Useless Policy?

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Darren Harris

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Jul 10, 2003, 12:57:22 PM7/10/03

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My godfather(who raised me) passed away in 1986. three or four years
later, my godsister told me about mail from MetLife that was received
at the house my godmother still lived in. The mail was adressed to my
godfather, and concerned a policy that he had taken out on me. A
policy that I was unaware of. Apparently no one had been paying for
the policy since my godfather passed away.

I got in touch with a Metlife representative, and explained the
situation. He the told me that I could take over the payments. So I
asked if he would send me all the info related to the policy.

I began receiving mail(notice of payment) on a regular basis from
Metlife that was still addressed to my godfather, but in c/o my name.

I payed a visit to the Metlife office, because the person who had sold
my godfather the policy had retired, but I was unable to get anything
on paper in regard to the policy. In fact the representative seemed
only interested in me upgrading to a "better policy". So I asked the
representative if I could have it transferred into my name, and I was
told that my godfathers's death certificate would be needed. When I
attempted to get one, I was told that only a "legal" relative could
obtain one.

It is now 17 years after my godfather passed away, and I have just
received the latest "Notice Of Payment Due" from Metlife(with a "Face
amount of insurance" of $25,000,000). I have no idea what that means
and know *NOTHING* about insurance policies. The following is info on
the latest letter I received.(Any idea on what to do about this would
be greatly appreciated)...
---------- ---------- ---------- ---------- -----------
POLICY BALANCES: CIRCULATION OF AMOUNT DUE:

ADDITIONAL PREMIUM $208.25
PAID-UP INSURANCE $5,264.32

LOAN
PRINCIPAL $5,044.66 LAON INTEREST $368.06
---------------
AMOUNT DUE $576.31

YOUR POLICY WILL RECEIVE A DIVIDEND OF 128.25 ON JULY 23, 2003,
PROVIDED PREMIUMS ARE PAID TO THAT DATE. THE EARNINGS ON THE CASH
VALUE OF YOUR PRIOR ADDITIONAL PAID-UP INSURANCE OF $4,709.23 WILL
PURCHASE $131.86 OF ADDITIONAL PAID-UP INSURANCE,PLUS $423.23 OF
INSURANCE PURCHASED BY THIS YEAR'S DIVIDEND.
---------- ---------- ---------- ---------- ----------

Thanks a lot.

Darren Harris
Staten Island, New York.

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