Unclaimed Life Insurance
Did you know that many life insurance companies are holding massive sums of unclaimed life insurance beneficiary money? It's true -- more than one-fourth of life insurance benefits are unclaimed and thus not paid to the beneficiary. This happens often because those named as beneficiaries are not even aware of the life insurance policy. The result is millions of dollars being held by the companies who drew up the policies.
Another thing you should know is that a great many Prudential, MetLife and John Hancock policy beneficiaries are entitled to cash, policy credits or stock holdings because of the demutualization of these three insurance companies. Demutualization is a process where a company goes from a member-owned company to a shareholder owned company. In many cases this comes before the initial public offering or IPO of the company. You can learn more about this process online or by asking your current insurance agent, they should be able to explain the demutualization process and what it means for you in depth.
The majority of U.S. states offer a long period of time before declaring benefits as abandoned. This can be as long as 100 years. The problem is that no repository for unclaimed benefits exists and there is little to no effort made to locate beneficiaries. In general the beneficiaries must contact the insurance company to inform them the policy holder is deceased. So, in some cases it is necessary to do some digging and research to find out whether or not you are entitled to lost benefits. You'll find a great deal of information about unclaimed money and also specialists who help you find it on the Internet.
Depending on your family history, you may or may not be entitled to unclaimed life insurance benefits. If you want to search the best thing to do is find a free or inexpensive company online that can help you. There are large databases of names and addresses where you can look to see if you or a family member have lost money from unclaimed benefits or some other source. In some cases people are also entitled to unclaimed tax refunds and other sources of money. A word of caution to Internet searchers -- it is possible to spend more on your investigation than you may receive in unclaimed funds, so don't make any hasty decisions regarding paying for a search.
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