When you have life insurance are you sure that your beneficiaries will find it when the time comes. There is no way of you knowing if your families members will, with certainty, find the policy when you pass away. Missing life insurance is a huge problem and is recognized only when it is too late. It is not possible to wake you up and ask which company you bought it from. So taking preventative steps ahead of time is necessary. The best thing to do is to protect that major investment that you have been saving up for with a few simple steps preventing any unclaimed insurance.
You can write it down, copy it several times and give it to your beneficiaries. This would help them keep good records. However the problem with this is that people usually loose this information and it is not the best way of guaranteeing they have it. It could be they misplace it in a move, or just simply forget where they put it. You can also give the information to an attorney and have him/her pass it on to your family when the time comes. However, this is also not flawless. The attorney can move and no longer be reachable. And if you think about it, it is just as simple and possible to misplace the attorney’s number as it is the insurance company name and number. The other alternative and probably the best is to store the information with a company that will keep it on a central database. In these times of electronic communications individuals buying life insurance over the internet is increasing every day. With this happening the use of agents are decreasing which simply means no one will contact anyone for updates. Keeping the company name on a central database that anyone can check from all over the world only makes sense. Make sure that the central database is free to register and that it is accessible to search when the time comes. They should never ask you for any proprietary information, which includes your social security number. This way if the database were to ever be penetrated your identity is safe
There has to be a central database to prevent missing life insurance. This central database should be free, offered by all the insurance companies; however, we all know that this will never happen so looking at a private company may be the next best thing. Mostly all the problems disappear once the person finds the life insurance policy as they can now make the claim and they earn their money after filling out the necessary forms and presenting the necessary certificates, in case there are any to be presented. You should feel confident knowing that your information is protected. If someone where to find out the company name you have life insurance with there is nothing they can do about it. The beneficiary is the only irrevocable judgment a court cannot reverse. So your life insurance will go to the person that you have assigned it to.
As you can tell, there are a few steps that one can take to prevent missing and unclaimed life insurance. With a little preparation you can feel more secure your family will be taken care of.
Until next time Michael Hartmann
www.findyourpolicy.com
Always remember our Mission Statement
"To be the best in serving our members by providing peace of mind that their beneficiaries receive their inheritance"
Wednesday, January 19, 2011
Tuesday, January 4, 2011
Lost Life Insurance
There are certain situations which require that a person has life insurance. Accidents happen all the time and you can never know when your investment pays back. There being different kinds of life insurance policies, such as for protection, savings or investments, this is the best opportunity one has to think about their future and about their families’ financial future. In these conditions a lost life insurance policy can be quite problematic. This also stands for the situations in which the benefactor has passed away.
Once you have lost your life insurance policy, there is no way you can prove that you ever had one, if you do not know the company name. There are over 2000 life insurance companies in the United States so it is a thousand times more difficult to claim the benefits. There are a few steps one can follow when found in such a situation, so that they can finally make use of their life insurance. First of all, to prevent this from ever happening to your beneficiaries, the following are a few preventative steps you can take; You can keep your life insurance documents in a safe place such as a Safe Deposit Box. You can give a copy to your beneficiary and hope they keep good records. You can also give this to an attorney who your beneficiaries can contact if something were to ever happen. The least expensive and best method of all possibilities is to register with an online life insurance database that is secure and free. Make sure that the service you use never asks for any proprietary information as the only piece of information that needs to be stored is the company name that holds your life insurance. There is no need for your social security number or any amounts that your life insurance is worth.
The first thing to do after recovering the lost life insurance policy is to check the expiration date and see
whether it was temporary or permanent. If the benefactor’s death occurred prior to the expiration date, the person in question still has a claim, but if the death occurred after the expiration date, the lost insurance policy is no longer valid and has no value whatsoever.
One of the other problems which can appear with the life insurance policy in such cases is that the policy was not fully covered before the benefactor’s death. In such cases, the benefactor’s insurance company usually proceeds in two ways. First of all, the policy turns into a “reduced paid up” one, which leads to the benefit being lower, depending on the cash value amount, or it becomes an “extended term” one, the policy continuing to be valid for the period of time over which the cash value can cover the premiums.
Mostly all the problems disappear once the person finds the life insurance policy as they can now make the claim and they earn their money after filling out the necessary forms and presenting the necessary certificates, in case there are any to be presented. Of course, in case there should be any questions to address or misunderstandings, the person in question can always turn to their lawyer or to the insurance company. Any lost life insurance can cause a lot of problems, therefore, one should pay attention to such details and prevent such a tragedy, especially since a lost life insurance policy involves money and one usually covers amounts of money that are not to be neglected.
Until next time Michael Hartmann
www.findyourpolicy.com
Always remember our Mission Statement
"To be the best in serving our members by providing peace of mind that their beneficiaries receive their inheritance"
Once you have lost your life insurance policy, there is no way you can prove that you ever had one, if you do not know the company name. There are over 2000 life insurance companies in the United States so it is a thousand times more difficult to claim the benefits. There are a few steps one can follow when found in such a situation, so that they can finally make use of their life insurance. First of all, to prevent this from ever happening to your beneficiaries, the following are a few preventative steps you can take; You can keep your life insurance documents in a safe place such as a Safe Deposit Box. You can give a copy to your beneficiary and hope they keep good records. You can also give this to an attorney who your beneficiaries can contact if something were to ever happen. The least expensive and best method of all possibilities is to register with an online life insurance database that is secure and free. Make sure that the service you use never asks for any proprietary information as the only piece of information that needs to be stored is the company name that holds your life insurance. There is no need for your social security number or any amounts that your life insurance is worth.
The first thing to do after recovering the lost life insurance policy is to check the expiration date and see
whether it was temporary or permanent. If the benefactor’s death occurred prior to the expiration date, the person in question still has a claim, but if the death occurred after the expiration date, the lost insurance policy is no longer valid and has no value whatsoever.
One of the other problems which can appear with the life insurance policy in such cases is that the policy was not fully covered before the benefactor’s death. In such cases, the benefactor’s insurance company usually proceeds in two ways. First of all, the policy turns into a “reduced paid up” one, which leads to the benefit being lower, depending on the cash value amount, or it becomes an “extended term” one, the policy continuing to be valid for the period of time over which the cash value can cover the premiums.
Mostly all the problems disappear once the person finds the life insurance policy as they can now make the claim and they earn their money after filling out the necessary forms and presenting the necessary certificates, in case there are any to be presented. Of course, in case there should be any questions to address or misunderstandings, the person in question can always turn to their lawyer or to the insurance company. Any lost life insurance can cause a lot of problems, therefore, one should pay attention to such details and prevent such a tragedy, especially since a lost life insurance policy involves money and one usually covers amounts of money that are not to be neglected.
Until next time Michael Hartmann
www.findyourpolicy.com
Always remember our Mission Statement
"To be the best in serving our members by providing peace of mind that their beneficiaries receive their inheritance"
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