You may suspect that a loved one left a life insurance policy for you. However, you are unable to find the policy and don’t know where to begin. South Florida life insurance claims attorneys are here to assist you. Insurance companies make no effort, nor are they requited to find lost beneficiaries of life insurance policies. One would expect the existence of national life insurance database for such circumstances. Nonetheless, no such database exists at this time.
Many people believe that once they pass the insurance company will automatically issue payment. This is one of the reasons many of these life insurance policies go unclaimed. There are estimates that one-third of life insurance companies go unclaimed by beneficiaries. This happens often because heirs are unaware that life insurance policy exists. There are billions of dollars in unpaid life insurance claims. In the State of New York alone there are S400,287,736.00 in unclaimed funds. In Florida there are about $1 billion dollars in unclaimed accounts. Many of these unclaimed accounts in Florida are life insurance benefits that go unclaimed. Finding a lost life insurance policy can be daunting. There are some 450 life insurance companies in the U.S. Furthermore, many of them do not keep all their policies in an electronic database. If the policy in question is old enough it may be stored in an old fashion paper database. Thus, if there is a policy it may take a while before it is found.
Insurance companies also fail to keep adequate records of beneficiaries to policies. Therefore, they do not actively seek beneficiaries. If you buy an insurance policy make sure to relay it to your relatives and leave a record of it. If your loved one bought a term life insurance policy for 10,20, or thirty years, then there is always the possibility that not viable claim exists. This is because your loved one may have passed outside of the covered time frame. If the policy is an actual cash value policy, meaning that the capital or premiums accumulate over time, then time frames are not an issue. Here there is also the possibility that the account may be accruing interest.
You may be able to find clues to whether a life insurance policy exists by looking at old bank statements, bills, receipts, etc. If you suspect a life insurance exist it is best to act soon. If you act soon, then it will be easier to locate an insurance policy and make a claim. A South Florida life insurance claims attorney can help you with this. Attorneys have multiple mechanisms they can use to find a lost life insurance policy. Once the policy is found your Miami life insurance claims attorney can make sure to file a claim to the most prompt and effective results.
We are here to help beneficiaries make claims and find lost life insurance policies. Our offices are open 24/7 for your convenience. We can be reached at 305.764.9907.