Thousands of individuals call life insurance companies daily looking for that one piece of evidence their loved one had life insurance. They either, lost the paperwork or simply can’t remember the company name that was told to them when everything was fine. This is a problem that is recognized often when it is too late. Now you must scramble for clues and start calling life insurance companies to try to help you out. With no government database or any database that holds all life insurance policies it is like looking for a needle in a haystack.
There are over 200 million people in the United States that have life insurance. It is said that over 25% of them go unclaimed. That is a number which can add up to billions of dollars a year in lost money that should go to people that deserve it.
Can you name the company that holds your loved ones life insurance policy? Are you positive that it will be readily available to you when the unexpected happens? Make sure that you take the crucial but simple steps to assure with certainty; you will be ready when the time comes.
The conversation about death with family members and loved ones is often passed by due to awkwardness. It is often something that comes up only after the fact and by that time it is too late. The result is the insurance companies, unless told of a death, will keep the money.
This can all be prevented with a little preparation in advance.
Keep the names of your life insurance, annuities, retirement accounts and even the location of your storage unit on a piece of paper and make sure your beneficiaries know where it is for that unexpected time.
Register your policy information and other assets on a searchable database. There is a free service that allows you to do this so your beneficiaries can search it when the time comes.
Keep all your information in a safe deposit box and give the location of your safe deposit box to a trusted friend or family member.
To locate a lost life insurance policy can be a task in itself; however, with a little bit of investigation not all must be lost. You should look through all papers your loved ones has. Make sure you check for withdrawals from bank accounts as often premiums are paid monthly by automatic withdrawal.
Search a missing life insurance database as the agent or your loved one may have registered them on it.
Life insurance is a much needed investment for everyone. Make sure your loved ones will find it by registering for free on a life insurance database. Protect your family from loss and make it easier for them to find it.
