I sold an insurance policy the other day and mentioned FindYourPolicy.com http://www.findyourpolicy.com/ to them. I explained the benefit of having our service and how it can keep all your beneficiaries informed of the location of your life insurance policy. He informed me that he does not need the service due to the insurance companies having to escheat the policy to the government if the insurance on the insured person is not collected. He is totally incorrect in his thinking.
The only time a policy is escheated to the government is the time when a policy is still in effect when it reaches the mortality table, age 90. So for example, if you have a 10 year term policy and it is over at age 50, your policy will never get to the government because now your policy is over and it has done its job. Unless someone tells the insurance company that you have passed away during the 10 year term when it was in effect, there will be no payouts.
To think that many individuals assume the government will have the policy if it is not claimed is just incorrect.
FindYourPolicy.com http://www.findyourpolicy.com/ will guarantee that your information is stored in a secure place. Since we send regular monthly emails to all members, it is important for you to sign up your beneficiaries, family and friends so they also receive the monthly reminders. This way everyone will always know where to locate your information when the time comes.
Until next time
Our Mission Statement:
“TO BE THE BEST IN SERVING OUR MEMBERS BY PROVIDING PEACE OF MIND THAT THEIR BENEFICIARIES RECEIVE THEIR INHERITANCE”