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:

 

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A.M. Best Affirms Ratings of Zale Life Insurance Company [Professional . - Insurance News Net (press release)

A.M. Best Affirms Ratings of Zale Life Insurance Company [Professional .
Insurance News Net (press release)
AM Best Co. has affirmed the financial strength rating of B+ (Good) and issuer credit rating of "bbb-"of Zale Life Insurance Company (Zale Life) ( Phoenix, AZ ), a subsidiary of Zale Corp. (Zale). Zale Life's ratings reflect its favorable risk-adjusted .
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Life Insurance vs. 529 Plan for College Saving
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Birla Sun Life Insurance launches new campaign with Yuvraj Singh - Best Media Info

Best Media Info
Birla Sun Life Insurance launches new campaign with Yuvraj Singh
Best Media Info
Birla Sun Life Insurance continues on its committed strategy to provoke mass India into realizing and appreciating the many critical and relevant roles that insurance can play in their life. With a new campaign for their Wealth with Protection .
Yuvraj draws on real life experience in new Birla Sun Life TVCCampaign India

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A.M. Best Affirms Ratings of Zale
A.M. Best Co. has affirmed the financial strength rating of B+ (Good) and issuer credit rating of "bbb-"of Zale..


Gerber Life Insurance Selects Nexidia Customer Interaction Analytics
LONDON--(BUSINESSWIRE)-- Leading Provider of Juvenile Life Insurance Chooses Nexidia to Enhance the Customer Experience in the Contact Centre Nexidia, a leading provider of customer interaction analytics ...


Efinancial is Proud to Accept Two Prominent Life Insurance Industry Awards - DigitalJournal.com (press release)

Efinancial is Proud to Accept Two Prominent Life Insurance Industry Awards
DigitalJournal.com (press release)
As a nationwide-leading life insurance brokerage, Efinancial is awarded 2nd Largest Specialty Markets Distributor of 2011 by ING and 2nd Leading Direct Marketer in 2011 by Transamerica. Michael Rowell, Founder and CEO of Efinancial and Brian Fife, .

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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...


Local insurers must improve as foreign firms set up in Vietnam
As Vietnam continues to open up its insurance market further, allowing foreign non-life insurance companies to set up branches in the country, domestic firms will have to improve their act to cope wit .....


MetLife to Acquire the Czech, Hungarian and Romanian Operations of Aviva plc
MetLife, Inc. has agreed to acquire from Aviva plc its life insurance businesses in the Czech Republic and Hungary , and its life insurance and pension businesses in Romania ...


Life insurance: Is term life always enough?
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Single-premium life insurance policies under regulator's lens - Business Standard

Single-premium life insurance policies under regulator's lens
Business Standard
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 Authority's (Irda) scanner.
Insurance pitfall: Policy issuance plungesIndian Express

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Research and Markets: Philippines Insurance Report Q1 2012: Spectacular Growth Figures for Life Insurance
Research and Markets has announced the addition of the "Philippines Insurance Report Q1 2012" report to their..


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MetLife Agrees To Acquire Aviva's
Jan 30, 2012 (News corner via COMTEX News Network) -- 1-30-12-MetLife (NYSE:MET) agreed to acquire London-based Aviva's..


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 .
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Gerber Life Insurance Selects Nexidia Customer Interaction Analytics - EON: Enhanced Online News (press release)

Gerber Life Insurance Selects Nexidia Customer Interaction Analytics
EON: Enhanced Online News (press release)
LONDON--(EON: Enhanced Online News)--Nexidia, a leading provider of customer interaction analytics solutions for business transformation, today announced that Gerber Life Insurance has chosen Nexidia Discover, Analyse and Evaluate to better manage .

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MetLife to buy three Eastern European life insurance units of Aviva - Insurance Business Review

Proactive Investors USA & Canada
MetLife to buy three Eastern European life insurance units of Aviva
Insurance Business Review
US-based MetLife has agreed to acquire UK-based Aviva's three Eastern European life insurance divisions as part of its strategy to expand its market position. Metlife plans to buy Aviva's life insurance businesses in the Czech Republic and Hungary, .
Aviva sells life divisionsYorkshire Post
MetLife to Acquire the Czech, Hungarian and Romanian Operations of Aviva plcEON: Enhanced Online News (press release)
Aviva sells eastern Europe units to MetlifeReuters
Insurance Journal -The Independent
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Sweeping Cultural Changes in Medicine Offer Opportunities for Disability . - EON: Enhanced Online News (press release)

Sweeping Cultural Changes in Medicine Offer Opportunities for Disability .
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NEW YORK--(EON: Enhanced Online News)--The economic and societal forces that have transformed the medical profession over the past decade open the door to new approaches to income protection, according to The Guardian Life Insurance Company of America .

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