May 4th, 2009
Unclaimed Life Insurance Policies are a Problem
Believe it or not, there is a real problem today with Unclaimed Life Insurance Policies. Yes, that’s right, no one claimed the money! What happens is someone purchases a life insurance policy, and they list loved ones as the beneficiary. Then, they hide the policy somewhere, and no one finds it after they die. Further, they never told their beneficiaries that they purchased the policy in the first place or that they listed them as beneficiaries. This policy sits and remains unpaid. There is nothing else that could be done with it. The death benefit is payable, but no one has asked for it.
