Posted on: Wednesday, April 25th, 2012 by jcliff

We wrote a previous blog entry about the troublesome amount of life insurance proceeds that go unclaimed each year, and most of this is on the shoulders of the insurance companies.  The consumer does have some power over this though.  We all know it’s important to advise your beneficiaries of what you have set up with their name as a funds recipient, but that doesn’t always happen.  If you are like some of the thousands of Americans who think they are owed some life insurance, but are not sure how to go about checking, there …

Posted on: Tuesday, March 20th, 2012 by jcliff

If you were one of many people who bought a universal life insurance plan in the 1980’s or 90’s, you might want to revisit your policy.  According to the ABC affiliate out of Cedar Rapids, Iowa, KCRG, there is a very real possibility that your policy could lapse, leaving you and your loved ones empty handed.  The article, “Your Life Insurance Policy Could Expire Before You Do,” by George C. Ford, blames the bad stock market and extremely low interest rates for the collapse.  When policies were purchased in this time frame, the prime …

Posted on: Monday, March 12th, 2012 by jcliff

No one likes to think about divorce as they are shopping for life insurance with their spouse, but unfortunately it is responsible to consider all possibilities when choosing a policy and a beneficiary.  The WomensDivorce.com website offers some basic information to consider when you are facing a divorce.  You not only need to consider existing life insurance, but many divorce provisions will include a stipulation that the supporting spouse should carry a life insurance policy to guarantee the children will be provided for in the case of a supporting parent passing away.

You may be asking …

Posted on: Friday, January 20th, 2012 by admin

Bankruptcy is being considered by millions of Americans during these tough economic times, and many are wondering what will happen to their life insurance proceeds if they choose to file.  Depending on your circumstances, your life insurance proceeds could be safe from bankruptcy laws, but there are exceptions that do apply and you should definitely talk to a professional about how your unique scenario will impact your life insurance policy.

You will first need to determine what type of bankruptcy you will be filing.  There are three main types that the general public tend to turn …

Posted on: Sunday, August 21st, 2011 by jcliff

One thing everyone with a life insurance policy or retirement savings account must consider is who will get the money if you were to pass away.  This is an important decision that must be considered carefully.  In general, beneficiaries from life insurance will receive the death benefit proceeds tax free.  An exception to this is if you have the premiums as a tax deduction through work.  This is a great opportunity to give loved ones the money they may need to function financially once you are gone.  While a spouse is an obvious choice most …

Posted on: Wednesday, July 27th, 2011 by jcliff

Many consumers are asking experts whether or not they should be shopping for whole life insurance or term life insurance quotes.  The truth is, life insurance policies need to be specifically tailored for the individual.  There are so many unique financial situations and there’s no “one size fits all” policy.  There are many factors to consider and you should fully understand how each type of policy works before making your final decision.

When shopping for your life insurance you will need to consider a few important factors.  First, determine your purpose in carrying life insurance. …

Posted on: Friday, July 15th, 2011 by jcliff

After almost two years, American International Group (AIG) Inc’s Taiwan life insurance unit has been sold to Ruenchen Investment Holdings, LTD.  The sale has been approved by Taiwan’s financial regulator and was sold for $2.16 billion according to the article “Taiwan Approves AIG Sale of Life Unit” by Fanny Liu and Paul Mozur on the Wall Street Journal online.

Nan Shan Life Insurance from AIG was put on the market approximately 20 months ago in a plan to repay some bailout money from the US government which took place during the economic crisis.  In …

Posted on: Tuesday, May 31st, 2011 by jcliff

According to government documents, the Department of Veterans Affairs agreed in September of 2009 to allow Prudential Financial to withhold lump sum payments of life insurance benefits owned to survivors of service members.  The documents were made public through the Freedom of Information Act according to the article “VA Agreed to Withholding of Benefits, Documents Say” by Bloomberg News found on the NY Times website.

Prudential believes they have been in compliance but somewhere there has been a breakdown of information because many are under the impression that survivors should be receiving a lump sum …

Posted on: Friday, February 25th, 2011 by admin

Surprisingly, hundreds of millions of dollars in life insurance goes unclaimed every year.  This is usually because the beneficiaries do not realize the money is owed to them.  If the life insurance company cannot locate the beneficiary, or they were not notified of their death, then the money will remained unclaimed.

The life insurers do try to get the money to the right place but it can take years.  The money is eventually transferred to state unclaimed property divisions, and then the states advertise the information on the Internet and newspapers.  During this long process the …

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