Life insurance benefits often go unclaimed

Jun 27, 2011

Unclaimed life insurance policies add up

People may spend years struggling to make ends meet while thousands of dollars that are rightfully theirs sit in an account waiting to be claimed. Sometimes people do not know that they are beneficiaries to a life insurance policy, and the government has a right to take over the financial property after a certain amount of time, according to recent reports.

There are ways to ensure that benefits get into the hands of the rightful owner by following a few simple steps, according to the Insurance Information Institute. Staying in touch with a life insurance company is the best way to ensure a policy will not fall though the cracks. These companies communicate through the mail and if they do not have a correct address on file it is easy to lose track of someone.

If someone has died, the life insurance company needs to be told. These corporations are not in the business of keeping track of death records, according to the I.I.I. Employers will inform a carrier if the deceased was part of a company plan, but other than that, it is the beneficiary's responsibility to report the death. 

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