By Sean Drummey
How is your life insurance carrier going to know you’ve died? Carrier ( known as insurance company ) traditionally require the beneficiaries to notify them. But what if your beneficiaries don’t know you have a policy or have died themselves, and your life insurance agent no longer is in touch with you? If a policy becomes on orphan, the final resting place of the orphanage is your residence state. The carrier sooner or later has to transfer that money over to the state as unclaimed property, and states right now can certainly use interest on that money, so that end is tightening up.That’s a break for consumers because carriers will be more proactive in checking if their clients are alive or dead. But it should never come to that.
Just think of it. All that money sitting around waiting to be claimed.What a waste. Let your beneficiaries know you have a life insurance policy and the carrier’s name. Place your policy analysis report together with your will and other vital papers in a place where they can be easily identified and retrieved.
Also have another layer of protection, don’t be an orphan policy holder. If your life insurance agent is no longer in the business, you are an orphan policy holder. That’s not a good idea, agents are more than helping you buy a policy. They should be monitoring your policy as well. They can help you save thousands of dollars in premiums or increase your death benefit. If your agent is not contacting you, for whatever reason, establish a new agent of record. This is especially crucial if you have a cash value life insurance policy, and you receive an annual statement.
You should have a life insurance agent contact you half yearly to review your coverage.
* So don't risk your life saving and protection of been an orphan policy holder. Start asking your families, friends or colleague of their trusted agent advise or you can get advise from me as i provide free full analysis review for my customers too.
Hi I am Yen Wei Nee
I have been in insurance industry for 17 years and would like to share here with you my experience and information that is now changing our lives.