Don’t say you haven’t done it. Most of us have, at one point in our lives or another, dreamt about the Brewster’s Millions scenario. You know, that’s the one where Richard Pryor’s long-lost uncle passes away and leaves him 300 million dollars. The only problem is that he has to spend 30 million dollars in 30 days, and he can’t have anything of value to show for it at the end.

You’re pretty sure that, if it had been you, there would have been a lot less in the way of comic relief and much more in the way of serious spending.

Regardless, it’s not very likely to happen that a long-lost millionaire uncle is going to leave you money. However, when a relative you know dies it is worth checking into their life insurance situation. Even if their estate was relatively small, there may be life insurance policies that you can collect.

Unfortunately, you may not know where to start looking. You may know that Grandpa had a life insurance policy, but you have no idea who the company is and you can’t find the paperwork.

You may be able to find out by going through your relative’s papers. Even if you can’t find a bill for his insurance premiums, you may be able to find contact information for his insurance company. You can then contact the insurance company for more information.

One thing you’ll need to do, once you find a policy, is figure out whether it was in effect. If the insured died prior to the term life insurance policy expiring, then the beneficiary can collect. On the other hand, if they weren’t current on their premium payments, you may not be able to receive a death benefit.

If your relative passed away a long time ago, there is a chance that the amount you receive from the insurance company will be more than the policy’s face value. You will actually receive the benefit along with accumulated interest from the date that your relative died.

Photo via Lord Jim