Unclaimed Life Insurance Benefits?

Posted on Posted in Business Continuation

Life Insurance

New York State Department of Financial Services announced $386 million of unclaimed life insurance benefits has been paid to over 25,000 New York residents.

Previously, if a family member did not know there was a life insurance policy, or forgot to file a claim, the benefit went unpaid.  Unclaimed money is transferred to the state for safekeeping until heirs step forward to claim the benefit.

New York State has a free online policy finder to help residents locate lost or misplaced life insurance policies or annuity contracts.

Note:  Ask me about the Emergency Response System. As a licensed Life, Accident and Health Insurance professional I use the ERS to advise your beneficiaries and designated family members of your protection decisions. Please call me at 1-800-503-1972 or Book an Appointment on my calendar for a complimentary and confidential consultation.

2 thoughts on “Unclaimed Life Insurance Benefits?

  1. Insurance companies deserve the “cheating” label in my opinion. They took advantage of me when I was younger and uninformed. And now that I know better I go in playing hard ball every time I deal with them just to get what I’m owed. They prey on the young and elders.

    1. Thank you for the feedback. Your blog entries confirm you are very knowledgeable on this topic. I wouldn’t go so far as to label insurance firms “cheaters” yet do recognize consumers and the companies are betting against each other. For my part, as a licensed agent, I reach out to insureds’ families and attorney and let them know about the policy. Everyone appreciates the outreach and it minimizes the “unclaimed” funds dilemma.

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