How to Find a Lost Life Insurance Policy When you think about a loved one dying, it’s hard to imagine anything worse. Now imagine that loved one had a life insurance policy and named you as the beneficiary – but you never knew about it and the benefit is left unclaimed. It may be hard to believe, but in reality, life insurance payouts sometimes go unclaimed because of a lack of communication between the policy owner and their beneficiary. If one of your loved ones has died and you’re wondering whether there was a life insurance policy in place, there are solutions for finding a lost life insurance policy, according to the Insurance Information Institute.1 The Institute suggests: Looking for...
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MORE THAN $665 MILLION IN UNCLAIMED LIFE INSURANCE BENEFITS PAID TO DATE AS A RESULT OF STATE INVESTIGATION An investigation started by the Department of Financial Services in July 2011 has resulted in more than $665 million being paid to life insurance beneficiaries who were unaware that they were entitled to money from insurance companies. Before DFS put in place new regulations in 2012, insurance companies did not regularly seek out beneficiaries to pay death benefits, but instead waited for someone to make a claim. However, a significant number of people are not aware that they are named on a life insurance policy by a relative and so do not make a claim. In July 2011 DFS began an...
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It’s estimated that $1 billion in benefits from forgotten and lost life insurance policies are sitting unclaimed in America, says Consumer Reports. Could you be among the estimated 1 in 600 people who may be the beneficiary of an unclaimed life insurance policy? If so, there are ways to find out. Here are some tips to help. 5 WAYS TO LOCATE A LOST LIFE INSURANCE POLICY Comb the house. Sometimes the thing we’re missing is right under our nose. First, go through any files or safe deposit boxes where the lost life insurance policy may be before launching a full-fledged investigation. Think back to the beginning. Which insurance agent may have sold it? Which insurance company may have issued it...
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Life insurance can require more thought than other types of insurance. For example, when people are looking to insure a car, they mostly want the same thing; to ensure that they are protected financially in the event of an accident and can get back on the road as quickly as possible. Life insurance works in exactly the same way but, because the impact of losing a loved one can be much more far reaching, there is more to consider. Life insurance works by paying out a lump sum or a regular income when you die. You might want it to financially support your family on a daily basis with money to live on, such as day to day living expenses or school fees. Or you might want a lump sum payout to...
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WASHINGTON, Sept. 11, 2019 /PRNewswire/ -- The National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator continues to connect consumers with lost life insurance. Each year, millions of dollars in life insurance benefits go unclaimed by beneficiaries who can't find their deceased loved ones' policies or in some cases may not even know the policies exist. That's where the Life Insurance Policy Locator comes in. This free online tool, maintained by the NAIC, has received 145,432 requests which has led to 46,665 matches of lost or misplaced life insurance policies or annuities with claim amounts of $650,520,451 million being reported by companies through July 31,...
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5 days ago Over $ million in unclaimed life insurance benefits found. Find out if you're entitled to money. How to claim or find a lost life insurance. If the holder of a life insurance policy dies before telling the beneficiary where his or her policy is, the beneficiary will need to find the policy in order to claim the. Also, check address books for the names of any insurance professionals or companies—an agent. If you can't find the life insurance policy of a deceased relative, you've probably checked the obvious places — desk drawers, file cabinets. Missing life insurance policy? If you're the beneficiary of a relative who just died, and you can't find the life insurance policy, don't...
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Column: How to score a piece of California’s $365 million in unclaimed life insurance benefits It might surprise you to learn that the state of California is sitting on a pile of cash that belongs to consumers — a big pile of cash — and is having trouble giving it away. At issue are life-insurance payouts owed to state residents. Under California law, insurers are required to turn over to the state any funds that go unclaimed for three years. But audits of insurers’ books that began in 2008 found that the companies were clinging to billions of dollars that didn’t belong to them. California joined 40 other states in prying $7.4 billion from more than two dozen life insurers since 2011,...
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How to find lost life insurance policies When my father passed away we thought he had a life insurance policy, but we haven’t been able to track it down. Do you know of any resources that might help? Lost or forgotten life insurance policies are actually quite common in the U.S. In fact, it’s estimated that around $1 billion in benefits from unclaimed life-insurance policies are waiting to be claimed by their rightful beneficiaries. While unfortunately, there isn’t a national database for tracking down these policies, there are a number of strategies and a few new resources that can help your search. Here are several to get you started. Search records: If your dad died...
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Media Contact for Division of Insurance Life Insurance Policy Locator Tracks Millions for Massachusetts Consumers in Second Year Jacqueline Horigan, Public Outreach Boston — Today, the Division of Insurance announced the Life Insurance Policy Locator — launched by the Division of Insurance through the National Association of Insurance Commissioners — has matched consumers with policies totaling $2,133,064 million in the past 12 months. The NAIC introduced the free national locator service in November 2016 to make it easier to connect consumers with lost life insurance policies or annuities. In Massachusetts, 342 beneficiaries have been matched with $4,102,947 million since the...
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Most life insurance policies are designed to pay out a cash sum to your loved ones if you die while covered by the policy. It can help them deal with everyday money worries such as household bills, childcare costs or mortgage payments. You choose the amount of cover you need and how long you need it for. You can take out life insurance under joint or single names and you can pay your premiums monthly or annually. For more help, take a look at our life insurance calculator or speak to your financial adviser. Do I need Life Insurance? The answer to this depends on your individual circumstances. But if you have you people that depend on you financially, such as children or a partner who relies...
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