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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