Well if I was in a situation like this I would be asking question's. First one would be to ask your friend about the policy, then the company it is with. You have a good enough relationship with this person that they told you, you were the beneficiary so I wouldn't think discussing this would be out of line.
Then with that info ask the insurance company what their policy is.
Also your friend needs a will esp if he doesn't want his sister in the loop on inheritance. Not a attorney here but pretty sure if he dies without one or nobody can find it she will get the bulk of the estate less he has a wife or kids which sounds like he doesn't. From the sounds of it you are the likely executor so you should know this info.
There was a case here where a elderly lady always said certain relatives of her's were not to get anything, no will to be found so she died in testate and they got a equal share.
Course the life insurance nobody else can touch but there is no incentive on his sister's part to contact you when he dies.
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Today's Featured Article - The 8N and the Fox - by Zane Sherman. Dec. 13 1998, Renfroe, Alabama. Last niht I dreamed about the day that I plowed the field of about 10 acres over on what Jimmy and Dandy called the Ledbetter field. I was driving the 1948 8N Ford tractor that Jimmy bought in 48 new This was prebably in about 1951 and maybe even befor the house was built. This would have made me to be about16 years old and I drove the tractor for nothing and would have paid to drive it if I had had any money which I didn't, but neit
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