What to do about unclaimed life insurance funds?
Think You May be Entitled to Money from an Unclaimed Insurance Policy?
Who hasn’t dreamt of one day receiving a phone call and learning that they’re the beneficiary of a life insurance policy they never even knew existed? The truth is, unclaimed life insurance policies may be more common than you think. Sometimes, the owner of the policy never told anyone that they purchased it and made no mention of it in their will. So, unless the insurance company does its due diligence, the money could sit there for years.
If you’re purchasing a life insurance policy, make sure that the money you invest isn’t wasted and that your beneficiaries are properly informed. Then, be sure to include mention of your policy and its beneficiaries in your last will and testament—include the policy number to avoid any confusion. Then, inform your insurance company and send them a copy of the will so that there is no question as to who is entitled to the money. Keeping your will in a safe place, such as a safe or safety deposit box, will ensure everything your loved ones need to know is there, for after you die.
On the other hand, if you believe you could be the beneficiary of a loved one’s life insurance policy but have yet to be informed by the company, there are some things you can do to find out for sure. The first step is to determine whether or not there even is an unclaimed insurance policy by checking your loved one’s bank records. If they’ve made premium payments to an insurance company, you will find them there. Or, you could also ask family members if they know anything about a policy, or contact your loved one’s place of employment to see if the policy could have been related to the company. These are all steps that will put you that much closer to determining whether or not there is an unclaimed insurance policy.
While you may need to do some investigating on your own, life insurance companies are required to do whatever they can to track down a beneficiary.
