It is a downright shame that money owed to some beneficiaries of unclaimed life insurance policies never get to them during their lifetimes.
While I was still in the field the life insurance company for which I worked handed me hundreds of what is referred to as orphan policy holders.
The agents had left the company and in some cases the business itself.
There was no agent to give some service to these policy owners. Some of these people had changed their addresses and as a result it was quite difficult to find them. Some I never found at all...
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The shocking thing was that one insured person had died and nobody advised the life insurance company. The story got even more complex as I was unable to find the beneficiary of this policy for a while.
When I did find her she told me that she knew nothing of the policy. I cannot stress too much that insured people should at some time tell their beneficiaries about their life insurance policies even if it is just before death.
There is some responsibility that should rest on the beneficiaries themselves. If there is any indication that there is an in force life insurance policy you should check it out with the company. Most people have some place where they keep valuable papers.
When such a person dies a relative should do some searching because in too many cases the money just stays with the life insurance company. Of course they pay you interest, but I am sure you wouldn't mind a little extra money at the time of the death of your loved one to help with the funeral expenses.
Beneficiaries of unclaimed life insurance proceeds should not blame the life insurance companies either because they really do try. Believe me...they really try to find the people who should receive this money. The agents also try. Think about it, this agent comes out of nowhere and hands you a check for $300,000 that you did not know existed.
If you are in need of life insurance at anytime in the future or if you know anyone who is about to buy life insurance who are you going to recommend? That is why the life insurance agent, even if he has no compassion, will try very hard to find beneficiaries of unclaimed life insurance policies.
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