Beneficiaries Of Lost Life Insurance Policies Can Really Use the Money

Hello All,

It is just a shame that money owed to some beneficiaries of lost life insurance policies never get to them during their lifetimes. I spoke with some representatives of life insurance companies, to see how many, on a daily basis, get phone calls from the public, asking them to search their database for lost life insurance policies. I had one company say 100’s a day. I had another company tell me 1000’s a day and they even elaborated that it was a total waste of the consumer’s time as well as resources and man power of his company. He said that they will never find it if they do not know which company their loved one bought it from. Well, I took this opportunity to explain the need of a central life insurance database to him; telling him that it is a safe and a much needed service. He listened to me for around 10 minutes while I explained the many benefits a central life insurance database could have to his life insurance customers. Even with him telling me that it was a waste of time for anyone calling his company to search for a lost life insurance policy, he did not want anything to do with the thought of a life insurance database. He flatly told me that he did not feel a life insurance database was a benefit to his customers.

Now as a life insurance agent myself, I took offense to this comment. Isn’t it the responsibility of the life insurance agent (regardless of the company they work for) to do what is best for the customer? Don’t you think that registering anyone with life insurance on a central database so their beneficiaries can locate the company name that holds their life insurance policy is the best thing for the customer? Well I do. Not only does a database allow an individual to register the company name they have life insurance with, it allows the beneficiary with certainty to find the policy you have in place. All an individual needs, to find a life insurance policy, is the company name. Since there are over 2000 life insurance companies in the United States alone, having the company name on a central database will solve a major problem that gets recognized only when it is too late; lost life insurance policies. and its growing family would like to wish everyone a Happy and Safe Holiday Season.

Until next time,
Michael Hartmann

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