Do You Have Life Insurance Benefits Waiting for You?

life benefitsA recent story from FOX8 in Greensboro, NC revealed that billions of dollars from forgotten or misplaced life insurance policies are waiting to be claimed by their owners. Many people are unaware or have forgotten that they are beneficiaries of policies, leaving the money to simply go unclaimed for years.

If you think you may be due benefits from life insurance companies, now is the time to learn more about how you can go about claiming your funds.

Unclaimed Life Insurance Policies

It’s hard to believe that individuals would go without claiming benefits from life insurance policies following the death of a loved one, but it happens all the time.

In most cases, the beneficiaries simply didn’t know money is waiting for them and life insurance companies are unable to successfully alert them of the benefits they are owed.

As a result, billions of dollars are currently waiting to be claimed by rightful owners. Could you be one? If so, how can you go about finding out whether benefits are waiting for you?

Claiming Benefits From Life Insurance Companies

Thanks to the internet, it is now much easier to track down benefits you may be owed by life insurance companies. Here are a few steps you can take to find out whether you have money due from life insurance policies, or other sources:

1. Check with State Government

Life insurance companies are typically able to hold on to life insurance benefits for a few years. If the funds go unclaimed, the companies must turn them over to their state’s unclaimed property office.

A number of state and provincial governments have come together to create a website called MissingMoney.com that helps individuals track down missing money for free. Records for 38 states can be searched at this site.

2. Contact Life Insurance Companies

If your search for unclaimed property was unsuccessful, but you still feel you are due life insurance benefits, you can contact insurance companies directly for more information. Many major insurance companies have online tools that allow individuals to search for life insurance policies. Also, you can call companies directly to learn more about tracking down benefits.

If neither option brings up results, you have the option of having a policyholder’s estate executor search personal records. You can even contact the deceased’s employer or labor union for more information. The good news is there are plenty of options available to track down money that you believe you are due.