When an insurer purchases a life insurance policy, the purpose is to provide for their loved ones upon their death. However, these life insurance benefits often go unclaimed. Here are some reasons why as well as how a life monitoring platform can prevent benefits from going unclaimed.
In many cases, the insurer forgets about the policy or only vaguely mentions its existence to family members years prior to their death. As a result, when the insured person passes away, no one knows where the life insurance policy is located. Forgotten policies have resulted in at least $1 billion of unclaimed benefits.
Finding Lost Policies
What do you do if you don’t have the life insurance policy in hand? There are several steps you can take to discover if you are an unclaimed beneficiary. It’s time to claim what is rightfully yours. Over the next few sections, we will discuss ways to find lost policies.
Records and Storage Areas
The first step you can take to try and locate a missing life insurance policy is to search through your loved one’s records and storage areas. If you have no luck there with finding a missing life insurance policy, you can also search bank statements and tax returns. Bank statements can indicate monthly policy payments, and tax returns may show interest from an insurance policy.
Many people set up life insurance policies when they begin their first career. If your deceased loved one held several jobs, you should check with those businesses for any outstanding policies. It would not be unusual for a life insurance policy to remain in effect years after your loved one left that employment for another job.
Unclaimed Property Offices
You can also search for unclaimed insurance policies through a state unclaimed property office. If a life insurance provider can’t locate a beneficiary, it will release the funds to the state in which the policy was purchased. By searching the database, you can determine if you are owed money from an unclaimed policy.
Life Monitoring Platform
To better prepare for your family’s needs in the event of your death, it would be prudent to participate in a life monitoring platform. With a life monitoring platform, you can store all your important documents in one, easy to access location. This includes life insurance policies, beneficiaries, last wishes, funeral directives, and more. Don’t risk your life insurance policy getting lost or forgotten. If you need assistance with your estate planning, contact LegacyArmour at 1-844-875-3422 today.