Minnesota Life Insurance Pays Claim from Old Policy
It's never too late to collect a death benefit, no matter how old the life insurance policy is. Minnesota Life Insurance Company has been around since 1880 and is known for fulfilling obligations timely and has remained strong through good times and bad. This is evident in the recent claim that was filed by the daughter of a man who purchased a Minnesota Life Insurance policy back in 1948.
This man paid premiums on the policy until 1959 then passed away at age 97. The 63 year old policy was still valid and the daughter got her payout of $5435 according to Minnesota Life. The claim was received by the financial advisor in Newport Beach, California, David Alarid, who obtained the funds from Minnesota Life Insurance Company, a unit of Securian Financial Group Inc in St. Paul, Minnesota. This interesting story goes to show that keeping records in order will eventually pay off someday.
Hundreds of thousands of life insurance payouts go unclaimed each year and it's hard to know exactly what to do with the money. The government eventually takes over the money, but it's not clear how hard they work to find the rightful owner of such a policy. Sometimes the beneficiaries are no longer around which makes it even harder. Keeping paper work in order for such things like life insurance policies is crucial to make a smooth process of getting payouts to the proper beneficiary in a timely manner.