Many Life Insurance Benefits Go Unclaimed
Many Life Insurance Benefits Go Unclaimed in Life Insurance News
In the news this week, a potential law in Ohio would create a statewide database designed to help people claim life insurance benefits that are sitting unclaimed.
It isn’t that life insurance is terribly difficult to claim – most insurance agencies are happy to pay the death benefit required of them. It’s simply that many beneficiaries don’t know about the insurance settlement that is rightfully theirs.
In fact, according to an article at MedCityNews.com, there are millions of unclaimed life insurance proceeds out there in America that beneficiaries are unaware of.
How can you protect your family in the event of your death?
First, make sure that your family knows about the policy, specifically how much it is for, who holds the policy, and what kind of terms are written into the contract.
You can also tell your attorney – if you have one – or tell this same information to the executor of your will.
Finally, make note of your life insurance policy somewhere that your loved ones will see it in the event of your death. It’s a good idea to keep a file with such information in a previously designated spot. This way your family will know exactly where to go if they need to file paperwork or handle financial matters in the event of your death.
Most policy holders pay on their life insurance for many years. Be sure that your loved ones will benefit from that investment if the worst should happen, and they find themselves without your financial support.