If you think you might be entitled to lost money from an unclaimed life insurance policy it is a simple matter to conduct a free search for possible unclaimed funds. The insurance company or the state will have the exact guidelines when it comes to proper identification of unclaimed life insurance benefits.
Louisiana S Treasury Department Audits Find 31m In Unclaimed Life
Life insurers who paid out 745 billion in benefits in 2015 make efforts to find the rightful owners of unclaimed insurance proceeds says whit cornman a spokesman for the american council of.
How to find unclaimed life insurance. Because it is the job of beneficiaries to notify the life insurance company of a policy owners death more than one quarter of all life insurance policy benefits go unclaimed because family members simply arent aware a policy exists or dont know how to find it. What happens to unclaimed life insurance payouts depends on what type of policy was issued and whether or not it was paid up and in force at the time of death. As a result life insurers are holding billions of dollars in unpaid benefits.
If you have exhausted all of your manual options to find life insurance money several places can help you with your search. Finally with so many unclaimed life insurance policies it does pay to check if a loved one passes away to see if you are the beneficiary of such a policy. If an insurance company knows of an insureds death they must turn the benefit over to the state as unclaimed property if they cannot find the beneficiary.
Polices can be in force even if the payment of premiums has stopped or if money was borrowed against it. At least 1 billion in benefits from misplaced or forgotten life insurance policies are waiting to be claimed. Life insurance is supposed to provide peace of mind but for some policyholders it becomes out of sight out of mind.
After a year rahul finds the life insurance policy bond wants to find this unclaimed insurance policy amount and claim it. The national association of insurance commissioners naic who has a life policy locator service. How to find unclaimed life insurance money.
Get information on how to locate these policies from consumer reports. Policies are stuck in drawers and forgotten. Similarly there can be different reasons for the unclaimed insurance money lying with life insurance or non life insurance companies.
At least 20 percent of life insurance policies become lost or unclaimed and are turned over to each states unclaimed money department according to the national unclaimed property network. Unclaimed life insurance policies are considered unclaimed property and are protected from being kept by the insurance company. How to find out about unclaimed insurance policy amount online.
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