Home - Category: Uncategorized (Page 2)

Category: Uncategorized

Beneficiaries Of Lost Life Insurance Policies Can Really Use The Money

Posted on June 2, 2017 in Uncategorized

It is just a shame that money owed to some beneficiaries of lost insurance policies never get to them during their lifetimes. I spoke with some representatives of insurance companies, to see how many, on a daily basis, get phone calls from the public, asking them to search their database for insurance policies. I had one company say 100’s a day. I had another company tell me 1000’s a day and they even elaborated that it was a total waste of the consumer’s time as well as resources and man power of his company. He said that they will never find it if they do not know which company their loved one bought it from. Well, I took this opportunity to explain the need of a central life insurance database to him; telling him that it is a safe and a much needed service. He listened to me for around 10 minutes while I explained the many benefits a central database could have to his insurance customers. Even with him telling me that it was a waste of time for anyone calling his company, he did not want anything to do with the thought of a database. He flatly told me that he did not feel a database was a benefit to his customers, I was surprised.

Now as a insurance agent myself, I took offense to this comment. Isn’t it the responsibility of the agent (regardless of the company they work for) to do what is best for the customer? Don’t you think that registering anyone with life insurance on a central database so their beneficiaries can locate the company name is the best thing for the customer? Well I do. Not only does a database allow an individual to register the company name they have insurance with, it allows the beneficiary with certainty to find the policy you have in place. All an individual would need, to find a life insurance policy, is the company name. Since there are over 2000 life insurance companies in the United States alone, having the company name on a central database will solve a major problem that gets recognized only when it is too late; lost life insurance policies. Hopefully consumers of life insurance will also recognize the need and buy it from agents and agencies that offer to register on a free central database. It is definitely something to think about.

Unclaimed Life Insurance Policies – Introduction

Posted on May 30, 2017 in Uncategorized

The business of life insurance is serious business and the business of unclaimed life insurance cash is a serious problem. Many people believe that a loved one who has life insurance at the time of their death somehow magically advises the company of their death and the policy is paid. That is obviously not the case. Just because someone had a life insurance policy and died doesn’t mean that their beneficiaries automatically get the money that the deceased wished to leave for them. Somebody who is still living after the insured’s death had better know where to locate that policy and provide it, along with documented proof of the insured’s death, to the insurance company or else insurance proceeds will not be paid out; and right now, today, as you read this, BILLIONS of dollars are waiting to be paid out!

Make no mistake – insurance companies are in the business of paying claims and that’s what they will try to do. But there is a procedure that must be followed and that procedure begins with notification.

Once the legitimacy of a claim has been established, funds will be paid out. If there is a problem with establishing legitimacy, funds will be held until any problems are cleared up. If problems are not cleared up and legitimacy cannot be established, money, which the company doesn’t get to keep but which also won’t go to intended beneficiaries, remains unclaimed… and right now, today, as you read this, BILLIONS of dollars are waiting to be paid!

The procedure must, however, begin with notification.

Now, what might you, the living insured, do to make sure that your insurance proceeds get paid out per your wishes? Well, aside from assuring that all of the pertinent policy information is accurate and up to date, you MUST make sure that beneficiaries know that they are beneficiaries and, ideally, where to Find Lost Life Insurance Policy documents. At the very least, you must make them aware of the company or companies that issued the coverage and policy numbers. Otherwise the payment procedure breaks down and money goes unclaimed. (Also, don’t forget that if someone that you have designated as a beneficiary predeceases you, you need to update your beneficiary designations).

What to Do if You Are a Beneficiary

If you are certain of being a beneficiary or you are an executor of the decedent’s estate but he/she never told you where to find the policy information or even the name of the company, there are things that you can do to find the information that you need.

To start with, if you have any idea of the financial companies that the deceased did business with, make some telephone calls. Ask to speak with someone in the Claims or the Life or Policy Owner Service area. Explain the situation and ask how you may request that they do a search for any coverage that may exist/have existed on your loved one. Or, if you know that the deceased had a financial adviser, definitely call him/her. There is a good chance that he/she will have the information that you are looking for.

Also, because many employees simply go with employer-provided group life insurance, if the decedent was still working at the time of death, check with his/her employer. Or, if he/she was retired and receiving a pension, check with the retirement administrator.

Safe deposit boxes are one of the places where people routinely keep important papers. Don’t overlook this possibility. If these efforts fail you can look into hiring a private investigator who may have resources and legal allowances that you don’t.

If you are a beneficiary, don’t put insurance proceeds… and your loved one’s wishes to provide for survivors… at risk. Talk to your insured loved ones while talk is still possible. The subject is not an easy one to bring up but it is one that must be addressed. Not doing so could frustrate your loved one’s wishes and cost you thousands, even hundreds of thousands of dollars.

Finding the Right Insurance Policy

Posted on May 27, 2017 in Uncategorized

Although life insurance is technically an “option”, if you have people that you love you need to consider what would happen to them in the even of your death. It can place additional undo stress on them and they already have to deal with so much. When you find the right insurance it can put your mind as well as theirs at ease.

There are many different plans available, some will cover chronic illness, loss and some include a clause that will pay the mortgage payments if you own a home. In order to find the best life insurance protection you need to get as much information on the different types of policies, etc. You can start by going online and filling out some forms to obtain a few quotes from the different companies available.

This insurance is a lump sum of cash that is tax free provided in the event your death, assuming that the policy is active at the time of death. Normally they include monetary amounts for burial, and other necessary arrangements that happen as well. It is pretty impossible to arrange a decent burial for under a few thousand dollars, so finding the right life insurance policy will make it that much easier on your loved ones.

Often time’s when people over 65 attempt to obtain life insurance they can find it difficult to get coverage as they may be considered a higher risk. However, when checking on the Internet you will find many companies that actually specialize in certain types of policies and many offer packages that will include that type of policy.

Companies may deny providing a policy for several reasons, but the majority of them are rejected due to the risk involved. For instance, if you have some type of a permanent illness they may deny issuing you a policy; but again, go online and run a search for companies that specialize in what is considered high risk coverage, it may be more expensive than other policies but the peace of mind it offers in the end may just be worth it.

If you already have insurance be sure to check over the coverage provided to ensure that it will still meet all of the necessary requirements. If you have a policy that included some type of mortgage coverage be sure that it will still cover everything, maybe you had to take out a second mortgage or something similar, and your current policy will not pay it off completely. In that case you may want to find a life insurance policy with coverage that will cover everything or you can attempt to increase the coverage through your current insurance company.

Finding the right policy for you and your loved ones is essential if you want them to feel protected and secure after your demise. It means not having to worry that the house will be foreclosed on your family will be on the street; or that they will have to go in debt just to cover the burial expenses.

Top