Unclaimed Life Insurance

Did you know that many life insurance companies are holding massive sums of unclaimed life insurance beneficiary money? It's true -- more than one-fourth of life insurance benefits are unclaimed and thus not paid to the beneficiary. This happens often because those named as beneficiaries are not even aware of the life insurance policy. The result is millions of dollars being held by the companies who drew up the policies.

Another thing you should know is that a great many Prudential, MetLife and John Hancock policy beneficiaries are entitled to cash, policy credits or stock holdings because of the demutualization of these three insurance companies. Demutualization is a process where a company goes from a member-owned company to a shareholder owned company. In many cases this comes before the initial public offering or IPO of the company. You can learn more about this process online or by asking your current insurance agent, they should be able to explain the demutualization process and what it means for you in depth.

The majority of U.S. states offer a long period of time before declaring benefits as abandoned. This can be as long as 100 years. The problem is that no repository for unclaimed benefits exists and there is little to no effort made to locate beneficiaries. In general the beneficiaries must contact the insurance company to inform them the policy holder is deceased. So, in some cases it is necessary to do some digging and research to find out whether or not you are entitled to lost benefits. You'll find a great deal of information about unclaimed money and also specialists who help you find it on the Internet.

Depending on your family history, you may or may not be entitled to unclaimed life insurance benefits. If you want to search the best thing to do is find a free or inexpensive company online that can help you. There are large databases of names and addresses where you can look to see if you or a family member have lost money from unclaimed benefits or some other source. In some cases people are also entitled to unclaimed tax refunds and other sources of money. A word of caution to Internet searchers -- it is possible to spend more on your investigation than you may receive in unclaimed funds, so don't make any hasty decisions regarding paying for a search.

 

 

Life Insurance News:

 

AM Best Upgrades Ratings of Cigna Life Insurance Company of Europe SA-NV - MarketWatch (press release)

AM Best Upgrades Ratings of Cigna Life Insurance Company of Europe SA-NV
MarketWatch (press release)
LONDON, Jan 31, 2012 (BUSINESS WIRE) -- AM Best Europe -- Rating Services Limited has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the issuer credit rating to "a" from "a-" of Cigna Life Insurance Company of Europe .

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The New Legacy: Life Insurance Producers and Generational Dynamics - MarketWatch (press release)

The New Legacy: Life Insurance Producers and Generational Dynamics
MarketWatch (press release)
Life insurance policyholders are skipping generations and leaving policies to grandchildren. A panel of professionals knowledgeable on life insurance and generational dynamics will discuss how producers can help clients identify meaningful solutions .

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Efinancial is Proud to Accept Two Prominent Life Insurance Industry Awards
Efinancial kicks off 2012 with award recognition from life insurance carriers ING and Transamerica (PRWeb January 31, 2012) Read the full story at http://www.prweb.com/releases/Efinancial/accepts-industry-award/prweb9149598.htm..


Celent Honors 23 Insurers for Effective Use of Technology - PropertyCasualty360

Celent Honors 23 Insurers for Effective Use of Technology
PropertyCasualty360
The report also names Nationwide Insurance the Model Insurer of the Year. Best practices in the use of technology span key areas of the product and policyholder life cycle, including product definition, distribution, underwriting, policy administration .
iPipeline Client Erie Insurance Receives 2012 Celent Model Insurer AwardEON: Enhanced Online News (press release)

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Life insurance sale must be need based, says IRDA
The sale of life insurance policies are set to become more scientific soon...


Insurance agent satisfaction dives at Allstate - Chicago Tribune

Chicago Tribune
Insurance agent satisfaction dives at Allstate
Chicago Tribune
Overall satisfaction was higher among exclusive financial specialists for the Northbrook-based company, which sells home and auto insurance and such financial products as life insurance and retirement and savings products. Their satisfaction dipped by .

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Gerber Life Insurance Selects Nexidia Customer Interaction Analytics
Nexidia, a leading provider of customer interaction analytics solutions for business transformation, today announced that Gerber Life Insurance has chosen Nexidia Discover, Analyze and Evaluate to better manage contact center agent performance and ensure superior customer service in the contact center...


Allianz Life Announces Launch of Allianz 365i Annuity - MarketWatch (press release)

Allianz Life Announces Launch of Allianz 365i Annuity
MarketWatch (press release)
MINNEAPOLIS, Jan 31, 2012 (BUSINESS WIRE) -- Allianz Life Insurance Company of North America (Allianz Life), a leading provider of fixed index annuities (FIAs), today announced the launch of the Allianz 365i(SM) Annuity and Income Maximizer Rider, .

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Allianz Life Announces Launch of Allianz 365i Annuity
Allianz Life Insurance Company of North America , a leading provider of fixed index annuities , today announced the launch of the Allianz 365iSM Annuity and Income Maximizer Rider, a new FIA with optional rider that is exclusive to Field Marketing Organizations and agents associated with the Allianz PreferredSM distribution model...


Servicemembers' Group Life Insurance--Stillborn Child Coverage - Insurance News Net (press release)

Servicemembers' Group Life Insurance--Stillborn Child Coverage
Insurance News Net (press release)
SUMMARY: The Department of Veterans Affairs (VA) proposes to amend its Servicemembers' Group Life Insurance (SGLI) regulations in order to provide that, if a stillborn child is otherwise eligible to be insured by the SGLI coverage of more than one .

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Single-premium life insurance policies under regulator's lens
After highest net asset value (NAV) guaranteed products, the single premium, two-year premium and three-year premium policies are the latest life insurance products to come under the Insurance Regulatory and Development Authoritys (Irda) scanner...


Securian Wins Innovation Award - MarketWatch (press release)

Securian Wins Innovation Award
MarketWatch (press release)
PAUL, Minn., Jan 31, 2012 (BUSINESS WIRE) -- Minnesota Life Insurance Company, a subsidiary of Securian Financial Group, Inc., was recognized by Best's Review magazine for its Project Galileo speed-to-market program. It was featured in the Innovators .

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SBLI of Massachusetts Re-Launches Website
The Savings Bank Life Insurance Company of Massachusetts , a leading provider of affordable, dependable life insurance, has re-launched its SBLI.com website with new features..


ACHMEA HYPOTHEEKBANK - Press Release
 PRESS RELEASE Achmea impairs due to continued decline of life insurance market Achmea impairs goodwill related to its Life and Pension activities with 279 million Impairment as a result of changed ...


Squirm if you must, but know your life-insurance options - OCRegister

Squirm if you must, but know your life-insurance options
OCRegister
By PATRICK HARPER / For the View If you're like me, life insurance instantly makes you think of death, and you squirm whenever the subject comes up. But as you get older, if you have a family or just want to cover funeral expenses, life insurance is .
Ridin' down that lonesome highwayCalaveras Enterprise

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Securian Wins Innovation Award
Minnesota Life Insurance Company, a subsidiary of Securian Financial Group, Inc., was recognized by Bests Review magazine for its Project Galileo speed-to-market program. It was f..


Life insurance sale must be need based, says IRDA - Hindu Business Line

Life insurance sale must be need based, says IRDA
Hindu Business Line
The life insurers should ensure a need-based sale of life insurance products by their direct sales personnel, the Insurance Regulatory and Development Authority said in the draft guidelines on product matrix released on Tuesday.
Insurance companies reluctant to go public dispite IRDA nodNDTV

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Gerber Life Selects Nexidia Customer Interaction Analytics - Insurance & Technology

Gerber Life Selects Nexidia Customer Interaction Analytics
Insurance & Technology
based Gerber Life Insurance will deploy Atlanta-based Nexidia's Nexidia Discover, Analyze and Evaluate to manage contact center agent performance and ensure superior customer service. Nexidia will host the analytics software, which mines interactions .
Gerber Life Insurance Selects Nexidia Customer Interaction AnalyticsMarketWatch (press release)

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A.M. Best Upgrades Ratings of Cigna Life Insurance Company of Europe SA-N.V.
LONDON--(BUSINESSWIRE)-- A.M. Best Europe EUR Rating Services Limited has upgraded the financial strength rating to A (Excellent) from A- (Excellent) and the issuer credit rating to EURaEUR from EURa-EUR of Cigna ...


The New Legacy: Life Insurance Producers and Generational Dynamics
Baby Boomers have left a mark on American society. That impact continues as todays first-time grandparents now average 50 years old, the majority remaining in the work force. Households led by 55 to 64 year olds have the highest net worth of any age group: $254,000, according to a report commissioned by Grandparents.com...


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