Unclaimed Life Insurance

Life Insurance Proceeds Due You

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There always seems to be some unclaimed life insurance cash that never seems to reach the beneficiary at the time of death of the insured. Have you ever experienced that? A relative dies and you find the life insurance policy among the effects of the deceased.

You read the policy and find the named beneficiary. You contact the life insurance company and surely they pay the insurance face amount to the beneficiary. Everyone is satisfied, right?

You search the internet later just for the fun of it. You type in "found money" and check the sites that come up. Nothing shows up for you but you type in the name of a deceased relative, to your surprise there is a small sum there. You check it out and it is from the said, same, life insurance policy. What is happening here?

It could be that the policy had grown over the years. The policy had paid up additions added, or accumulated dividends, that the beneficiary knew nothing about. The life insurance company paid the face amount for their reputation's sake. When they became aware that there was more to be paid out they could not find the beneficiary.

Another thing that happens with life insurance policies is that an insured may have stopped paying and assumed that it had gone into a state of lapse. If this is a permanent policy it remained in force because the cash value and dividend keeps it in force.

Nobody ever claims the proceeds as there is an assumption that it does not exist any more. Agents are handed these policies by the company. It is always a chore to find the owner. Some of them have left the area of their residence and others have since died.

When it comes to life insurance never assume that it has lapsed. People are so filled with joy when the agent finds them. I know, I have found many owners and beneficiaries of unclaimed life insurance policies.

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