Why Your Life Insurance Policy Will Never be Claimed
If you have a life insurance policy, you have taken the first and most important step in protecting the future of your kids, your spouse, or anyone that depends on you financially. A life insurance policy is put in place to make sure your family doesn't suffer financially without you: allowing your family to afford the mortgage payment, your children to receive a higher education, and ultimately replacing the income they no longer receive. But what good is a life insurance policy if your loved ones can never claim it?
A little known fact is that every single year, billions of dollars of life insurance go either lost or unclaimed, not because beneficiaries don't want to inherit it, but because they can't. Seems shocking? It is. The majority of Americans don't realize that most insurance companies and financial institutions actually have no way of knowing when a policyholder passes, therefore cannot contact the appropriate beneficiaries to inform them of their inheritance. Think a will is enough protection? Attorneys also have no way of knowing when a client passes, and rely on reading obituaries or having family members know to contact them, leading to many wills going unexecuted every year.
It's hard to recognize the magnitude of this problem, but to help understand the reality of it, ask yourself this:
- Do you know which company holds your parents' life insurance policy?
- Does your spouse know where all of your assets are (life insurance policy, 401k, savings, and investments)?
- Will your children know how to obtain your investments and policies if something were to suddenly happen?
If you answered no to any of the questions (and just about everyone does), it is time to do something about it. Most people don't know, but there is no centralized database or government agency an individual can contact to know what assets rightfully belong to them or to receive some sort of assistance. How can your loved ones inherit your assets if they don't know where they are? They can't.
To avoid this confusion, protect your assets and your families, some web-based companies have recently started offering a great solution. These websites give you the ability to quickly create a profile, list your insurance policies, financial investments, and of course your respective beneficiaries. By searching hundreds of public and government databases, these companies know when a registered user passes, and then contact the listed beneficiaries to ensure all assets are inherited in the manner they were supposed to, rather than going lost or to the state. Don't let your assets become part of the billions that go lost - do something about it today.
A little known fact is that every single year, billions of dollars of life insurance go either lost or unclaimed, not because beneficiaries don't want to inherit it, but because they can't. Seems shocking? It is. The majority of Americans don't realize that most insurance companies and financial institutions actually have no way of knowing when a policyholder passes, therefore cannot contact the appropriate beneficiaries to inform them of their inheritance. Think a will is enough protection? Attorneys also have no way of knowing when a client passes, and rely on reading obituaries or having family members know to contact them, leading to many wills going unexecuted every year.
It's hard to recognize the magnitude of this problem, but to help understand the reality of it, ask yourself this:
- Do you know which company holds your parents' life insurance policy?
- Does your spouse know where all of your assets are (life insurance policy, 401k, savings, and investments)?
- Will your children know how to obtain your investments and policies if something were to suddenly happen?
If you answered no to any of the questions (and just about everyone does), it is time to do something about it. Most people don't know, but there is no centralized database or government agency an individual can contact to know what assets rightfully belong to them or to receive some sort of assistance. How can your loved ones inherit your assets if they don't know where they are? They can't.
To avoid this confusion, protect your assets and your families, some web-based companies have recently started offering a great solution. These websites give you the ability to quickly create a profile, list your insurance policies, financial investments, and of course your respective beneficiaries. By searching hundreds of public and government databases, these companies know when a registered user passes, and then contact the listed beneficiaries to ensure all assets are inherited in the manner they were supposed to, rather than going lost or to the state. Don't let your assets become part of the billions that go lost - do something about it today.
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