Believe it or not, millions – or possibly billions – of dollars from Life insurance policies are going unclaimed every year
The primary reason: Many people fail to tell their loved ones when they take out a Life policy or don’t let them know that they are the beneficiaries. If the funds from a policy go unclaimed for five to ten years, they will go into a general fund for the state. This means that although the policyholder has paid premiums into the policy, the individual(s) intended to receive the proceeds would never receive them.
It’s essential that people – especially the elderly – make sure that they keep their affairs in order, and informing a beneficiary about a Life insurance policy plays a key role in this effort.
A word to the wise…