While admittedly life insurance is not a key ingredient for Thanksgiving conversation, the people we tend to share the holiday with are special. In my household, anyone who shares Aunt Emma’s insufferably dry turkey could not be mistaken as a foodie whose interests are purely culinary. No, our Thanksgiving crews are made up of friends, family, and football fans – the point is, it’s more than food and for that, I’m thankful.
It happens more than you think; someone buys a life insurance policy, files it away, and no one knows of its existence. Insurance companies do not proactively contact policy holders
with an “are you still alive” courtesy call. Consequently, they are among the largest holders of “unclaimed property” in the world. Some estimate that over 20% of valid death benefit claims go unpaid. Insurance policies were not meant to be secrets!
While insurance companies are obligated to pay all valid death claims many beneficiaries never know a policy existed. So what do you do when you’re cleaning out someone’s attic and find an old policy? Contact the insurance company immediately. The beneficiaries will receive the death benefit plus all accrued interest from the time insured individual died up to the time a claim was made.
At TermMonster, we’re urging you to inform some people you have a life insurance policy so your beneficiaries receive the benefits you intended. So, don’t wait for Thanksgiving and that awkward transition in conversation from delicious food to life insurance. Please, tell a few good people today.