Lost Life Insurance, It Pays to be Proactive as a Consumer

On the heels of the recent investigation from the Insurance Commissioner of California on MetLife’s practices regarding payment of death benefits; I am writing this article to explain how important it is to prevent lost life insurance by keeping your beneficiaries informed of where your life insurance information is located.
To take care of your family with life insurance is a great thing to do. To allow your beneficiaries to be proactive if they cannot find the information is even better. There have recently been inquiries into the practices of some large insurance companies on how they pay out on death benefits of life insurance.
Unless the insurance companies call every beneficiary when an insured person stops paying their premiums there is no way of finding out if the person has passed away or simply does not want the policy anymore.
To the credit of the insurance companies, they really are not doing anything wrong. They simply do not proactively and aggressively try to find the reason an individual stopped paying their premiums. Due to this, many life insurance policies can go lost or unclaimed by the beneficiaries.
There has to be a central database where an individual can go to and find, with certainty, their loved ones life insurance policy. This database should be used by all life insurance companies and promoted to all agents and brokers. They should emphasize the importance keeping good records and their beneficiaries informed. This would not only make the consumer of life insurance comfortable knowing their beneficiaries will receive their death benefits, but it will also bring confidence back to the insurance industry showing good faith that they are truly concerned with their customers.

FindYourPolicy.com is a central database where an individual can register the company name they have life insurance with, and it’s free. You can guarantee your family members receive the benefits you worked so hard to give them. Tell your insurance company and your agent about this very important website. It is a consumer protection service they will not regret promoting.
Think about it. As important as life insurance is, don’t you think it is just as important to make sure your family members find it when the time comes.

Until next time Michael Hartmann
www.findyourpolicy.com

Always remember our Mission Statement

“To be the best in serving our members by providing peace of mind that their beneficiaries receive their inheritance”

Life Insurance Is Important for Young Families Too

When you are young and take out life insurance, it is so important to prevent lost life insurance. Register on a life insurance central database to make sure all your years of premiums do not go unclaimed.
A 2004 study showed that up to 75% of those that died between 35-years-old to 55-years-old left their significant other without life insurance coverage that was adequate.1 This statistic might be attributed to the fact that many don’t like to think about an early death, much less the surviving family members being forced out of the home and liquidating all of the personal assets to afford the everyday cost of living.
The possibility of an early death, and the financial hardship that an early death might impose on other family members, is something that should never be ignored. Life insurance is a vital tool to prevent such potential circumstances from becoming a reality. The well-being and monetary needs of the surviving family members should be considered when choosing a type of life insurance.
How to Choose the Right Life Insurance Coverage
The right decision is most always synonymous with an informed decision. Before you choose any specific policy or option, make sure that you understand what each type of life insurance policy will cover and cost. Then, and only then, can you make a well-informed decision about what coverage will best suit your specific need and circumstance.
Term and permanent life insurance are two common types of life insurance that you might want to consider. Term life insurance is essentially a temporary form of life insurance. It will provide coverage and pay benefits only during a designated or preset time period. On the other hand, permanent life insurance will provide coverage during the entire lifetime of the individual. It can also have the benefit of accruing a cash value over time. However, for the coverage to remain valid, premiums must be paid on time. There are benefits and drawbacks to each type of life insurance; it really depends on the specific needs of the family.
You will also want to consider how much life insurance will cover the needs of remaining family members. Number of family members, debt, future debt, and ability to afford the various life insurance premiums will all play a role in how much life insurance coverage is best.
It can be beneficial to make an outline of what your present monetary obligations and needs are and a prediction of what those needs and obligations will be in 5, 10,15, 20, plus years down the road. By combining this information with your total household income, you can determine the best amount of life insurance coverage. At the very least, you should make a list of recurring monetary obligations – mortgage, student loan, vehicle loan, credit card debt, etc… However, including future obligations, such as a child’s college tuition, will give you the most accurate estimate on how much life insurance coverage you should purchase.
Be Prepared
Financial solvency for young families can be ensured with a life insurance plan. However, even the best laid plan can become dated as life changes. So, part of being prepared also includes storing this information in an area to be found. Prevent lost or misplaced life insurance and register the company name on a central database for life insurance.

1) National Association of Insurance and Financial Advisors (NAIFA) 2004

I hope you enjoyed the excerpt from one of our past newsletters.

Until next time Michael Hartmann
www.findyourpolicy.com

Always remember our Mission Statement

“To be the best in serving our members by providing peace of mind that their beneficiaries receive their inheritance”

Life Insurance Is Important for Young Families Too

When you are young and take out life insurance, it is so important to prevent lost life insurance. Register on a life insurance central database to make sure all your years of premiums do not go unclaimed.

A 2004 study showed that up to 75% of those that died between 35-years-old to 55-years-old left their significant other without life insurance coverage that was adequate.1 This statistic might be attributed to the fact that many don’t like to think about an early death, much less the surviving family members being forced out of the home and liquidating all of the personal assets to afford the everyday cost of living.

The possibility of an early death, and the financial hardship that an early death might impose on other family members, is something that should never be ignored. Life insurance is a vital tool to prevent such potential circumstances from becoming a reality. The well-being and monetary needs of the surviving family members should be considered when choosing a type of life insurance.

How to Choose the Right Life Insurance Coverage

The right decision is most always synonymous with an informed decision. Before you choose any specific policy or option, make sure that you understand what each type of life insurance policy will cover and cost. Then, and only then, can you make a well-informed decision about what coverage will best suit your specific need and circumstance.

Term and permanent life insurance are two common types of life insurance that you might want to consider. Term life insurance is essentially a temporary form of life insurance. It will provide coverage and pay benefits only during a designated or preset time period. On the other hand, permanent life insurance will provide coverage during the entire lifetime of the individual. It can also have the benefit of accruing a cash value over time. However, for the coverage to remain valid, premiums must be paid on time. There are benefits and drawbacks to each type of life insurance; it really depends on the specific needs of the family.

You will also want to consider how much life insurance will cover the needs of remaining family members. Number of family members, debt, future debt, and ability to afford the various life insurance premiums will all play a role in how much life insurance coverage is best.

It can be beneficial to make an outline of what your present monetary obligations and needs are and a prediction of what those needs and obligations will be in 5, 10,15, 20, plus years down the road. By combining this information with your total household income, you can determine the best amount of life insurance coverage. At the very least, you should make a list of recurring monetary obligations – mortgage, student loan, vehicle loan, credit card debt, etc… However, including future obligations, such as a child’s college tuition, will give you the most accurate estimate on how much life insurance coverage you should purchase.

Be Prepared

Financial solvency for young families can be ensured with a life insurance plan. However, even the best laid plan can become dated as life changes. So, part of being prepared also includes storing this information in an area to be found. Prevent lost or misplaced life insurance and register the company name on a central database for life insurance.

1) National Association of Insurance and Financial Advisors (NAIFA) 2004

Until next time Michael Hartmann

www.findyourpolicy.com

Always remember our Mission Statement

“To be the best in serving our members by providing peace of mind that their beneficiaries receive their inheritance”

Lost Life Insurance Company Found

Your brother just passed away and you have a life insurance policy in your hands. It is giving you some comfort that he did tell you about it just before he passed away; however, the phone numbers on the policy are wrong, the address is no longer available and the company is no longer in business. You are now lost. Where do you go? Who do you call? What are your options?

According to law an insurance company cannot just close its doors and walk away. It must be taken over by another insurance company or by the government. Once in the hands of the government they determine the situation of the company and reassign it to another life insurance company.

The only problem with that is when company “A” takes over company “B’ they can be very picky. They do not have to take all policies and assets of a company can be distributed to not only one company but several. Also, the companies only take over active policies. For example, if you had a term policy with company ‘B’ and the insured person passed away during that term the beneficiaries would be eligible for the death benefit. However; if it was, for example, a 10 year term policy and it ran its course before company “A” bought out company “B”, company “A” has no obligation to take it over. So it would be lost.

It is so important to first of all, keep all your life insurance information on a central database so it can be claimed quickly. With all the mergers and takeovers these days you will be glad your beneficiaries will have a central database to search.

It is also good to know how to find out what company took over the old company. There are services that do this for you. Now it is very important to know, no one can guarantee the new company has possession of your life insurance policy, but they should guarantee the company name they give you has taken over the old one you are looking for.

Prevent lost life insurance and guarantee your beneficiaries will find it when the time comes. Claim it quickly so you will not be part of the merger/ takeover shuffle.

Until next time Michael Hartmann
www.findyourpolicy.com

Always remember our Mission Statement

“To be the best in serving our members by providing peace of mind that their beneficiaries receive their inheritance”

Prevent Missing Life Insurance and Unclaimed Life Insurance

When you have life insurance are you sure that your beneficiaries will find it when the time comes. There is no way of you knowing if your families members will, with certainty, find the policy when you pass away. Missing life insurance is a huge problem and is recognized only when it is too late. It is not possible to wake you up and ask which company you bought it from. So taking preventative steps ahead of time is necessary. The best thing to do is to protect that major investment that you have been saving up for with a few simple steps preventing any unclaimed insurance.
You can write it down, copy it several times and give it to your beneficiaries. This would help them keep good records. However the problem with this is that people usually loose this information and it is not the best way of guaranteeing they have it. It could be they misplace it in a move, or just simply forget where they put it. You can also give the information to an attorney and have him/her pass it on to your family when the time comes. However, this is also not flawless. The attorney can move and no longer be reachable. And if you think about it, it is just as simple and possible to misplace the attorney’s number as it is the insurance company name and number. The other alternative and probably the best is to store the information with a company that will keep it on a central database. In these times of electronic communications individuals buying life insurance over the internet is increasing every day. With this happening the use of agents are decreasing which simply means no one will contact anyone for updates. Keeping the company name on a central database that anyone can check from all over the world only makes sense. Make sure that the central database is free to register and that it is accessible to search when the time comes. They should never ask you for any proprietary information, which includes your social security number. This way if the database were to ever be penetrated your identity is safe
There has to be a central database to prevent missing life insurance. This central database should be free, offered by all the insurance companies; however, we all know that this will never happen so looking at a private company may be the next best thing. Mostly all the problems disappear once the person finds the life insurance policy as they can now make the claim and they earn their money after filling out the necessary forms and presenting the necessary certificates, in case there are any to be presented. You should feel confident knowing that your information is protected. If someone where to find out the company name you have life insurance with there is nothing they can do about it. The beneficiary is the only irrevocable judgment a court cannot reverse. So your life insurance will go to the person that you have assigned it to.
As you can tell, there are a few steps that one can take to prevent missing and unclaimed life insurance. With a little preparation you can feel more secure your family will be taken care of.

Until next time Michael Hartmann
www.findyourpolicy.com

Always remember our Mission Statement

“To be the best in serving our members by providing peace of mind that their beneficiaries receive their inheritance”

Lost Life Insurance

There are certain situations which require that a person has life insurance. Accidents happen all the time and you can never know when your investment pays back. There being different kinds of life insurance policies, such as for protection, savings or investments, this is the best opportunity one has to think about their future and about their families’ financial future. In these conditions a lost life insurance policy can be quite problematic. This also stands for the situations in which the benefactor has passed away.

Once you have lost your life insurance policy, there is no way you can prove that you ever had one, if you do not know the company name. There are over 2000 life insurance companies in the United States so it is a thousand times more difficult to claim the benefits. There are a few steps one can follow when found in such a situation, so that they can finally make use of their life insurance. First of all, to prevent this from ever happening to your beneficiaries, the following are a few preventative steps you can take; You can keep your life insurance documents in a safe place such as a Safe Deposit Box. You can give a copy to your beneficiary and hope they keep good records. You can also give this to an attorney who your beneficiaries can contact if something were to ever happen. The least expensive and best method of all possibilities is to register with an online life insurance database that is secure and free. Make sure that the service you use never asks for any proprietary information as the only piece of information that needs to be stored is the company name that holds your life insurance. There is no need for your social security number or any amounts that your life insurance is worth.
The first thing to do after recovering the lost life insurance policy is to check the expiration date and see
whether it was temporary or permanent. If the benefactor’s death occurred prior to the expiration date, the person in question still has a claim, but if the death occurred after the expiration date, the lost insurance policy is no longer valid and has no value whatsoever.
One of the other problems which can appear with the life insurance policy in such cases is that the policy was not fully covered before the benefactor’s death. In such cases, the benefactor’s insurance company usually proceeds in two ways. First of all, the policy turns into a “reduced paid up” one, which leads to the benefit being lower, depending on the cash value amount, or it becomes an “extended term” one, the policy continuing to be valid for the period of time over which the cash value can cover the premiums.
Mostly all the problems disappear once the person finds the life insurance policy as they can now make the claim and they earn their money after filling out the necessary forms and presenting the necessary certificates, in case there are any to be presented. Of course, in case there should be any questions to address or misunderstandings, the person in question can always turn to their lawyer or to the insurance company. Any lost life insurance can cause a lot of problems, therefore, one should pay attention to such details and prevent such a tragedy, especially since a lost life insurance policy involves money and one usually covers amounts of money that are not to be neglected.

Until next time Michael Hartmann
www.findyourpolicy.com

Always remember our Mission Statement

“To be the best in serving our members by providing peace of mind that their beneficiaries receive their inheritance”

Lost Life Insurance

Hello All,
We recently have been working with Element SEO. A company that is bringing our service to the forefront when people enter certain keywords. They have been doing a marvelous job and we have noticed our page jumps. We were on page 2 of the key phrase “lost life insurance’ on Google search. There will be more key phrases to come.
I am mentioning this so everyone can and will know that FindYourPolicy.com will be and is easily found when searching for a lost life insurance policy. Simply search the term “Lost life insurance” and you will find the only central database for life insurance in the world.
Also, be on the look out for a new article writen about us from Insure.com. It should be coming out in around 3 weeks. We will keep you updated.

Until next time Michael Hartmann
http://www.findyourpolicy.com/

Always remember our Mission Statement”To be the best in serving our members by providing peace of mind that their beneficiaries receive their inheritance”

Life Insurance, Make Sure You Are Not Part of the Percent That Cannot Be Found

Life Insurance is definitely a need for all. It is important for family to know that if something unexpected where to happen their needs are taken care of. Despite what some think, life insurance is used to supply financial help to those you leave behind. Yes you are out of pocket while you are alive however; the small amount of monthly payments on a term policy is well worth the risk. You cannot guarantee a return in any other investment as life insurance. For example, if you were to get a 500,000 dollar life policy and pass away with in 3 years your beneficiaries would receive this large amount. You could have been paying as little as 50 dollars a month. There is no way that you can guarantee a return such as that with any other investment. Due to prices of life insurance everyone should have one form of life insurance or another.
As important it is to have life insurance it is just as important to prevent it from being lost. Lost life insurance is a major problem that gets recognized only when it is too late. When you have worked so hard at paying your policy term and trying to supply for your family in case of an accidental death, would you not want to be guaranteed your family members find it. There has to be a central database where an individual can go to locate a lost life insurance policy.
It is said that 25% of life insurance policies go unclaimed due to beneficiaries not knowing where to look. We will never know the real percentage as the life insurance companies can only do so much. They will assume when an individual with life insurance stops paying their premiums they no longer want the policy. Unless they contact each and every beneficiary when an insured person stops paying their premiums, to confirm their death we will never know the true numbers. Due to the Privacy Act, the insurance companies cannot put this information on a central database. With over 2000 life insurance companies in the United States alone, finding a lost life insurance policy is not as easy as everyone thinks.
FindYourPolicy.com is a central database where an individual can register the company name they have life insurance with, and it’s free. You can guarantee your family members receive the benefits you worked so hard to give them.
Think about it. As important as life insurance is, don’t you think it is just as important to make sure your family members find it when the time comes.

Until next time Michael Hartmann
www.findyourpolicy.com

Always remember our Mission Statement

“To be the best in serving our members by providing peace of mind that their beneficiaries receive their inheritance”

Beneficiaries Of Unclaimed Life Insurance Policies Can Really Use The Money

It is just a shame that money owed to some beneficiaries of unclaimed life insurance policies never get to them during their lifetimes. I spoke with some representatives of life insurance companies to see how many phone calls daily they receive asking for 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 FindYourPolicy.com to him; telling him that it is a safe and a much needed service. He listened to me for around 10 minutes with me explaining the benefits FindYourPolicy.com 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 me. He flatly told me that he did not feel FindYourPolicy.com was a benefit to his life insurance 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 that 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 FindYourPolicy.com allow an individual to register the company name they have life insurance with, we never ask for your social security number, policy numbers, amounts or any proprietary information. And it’s FREE. 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.

Until next time Michael Hartmann
www.findyourpolicy.com

Always remember our Mission Statement

“To be the best in serving our members by providing peace of mind that their beneficiaries receive their inheritance”