Rights of Life Insurance Beneficiaries

Hello All, 

A life insurance policy helps make certain those goals you or your beneficiaries have come to fruition even when you pass away. In the policy, you name a specific person, persons or others as a beneficiary or beneficiaries of the policy so they can pay for the things you felt were necessary or important after you’ve died. But what rights do the beneficiaries actually have?

 

According to life insurance law a person or persons named as a beneficiary must suffer some form of financial loss if you die. This is called an insurable interest and can include family, business partners, life partners and the like. A life insurance company can’t accept any person or entity without an insurable interest as a beneficiary. After the policy is issued, however, you can change the beneficiary to anyone you want to, even the local mail carrier. And, unlike a will, the named beneficiary cannot be contested by anyone. The insurance company has a legal obligation to pay them. You can also choose to divide the proceeds of the policy by percentages or equally if there are several beneficiaries you’ve named. This can include any surviving family or heirs of said beneficiaries should they also pass away before the proceeds are released.

 

Naming a beneficiary also helps avoid state inheritance or estate taxes in some states. Some states don’t include the life insurance proceeds going to a named beneficiary as taxable inheritance, even though the funds are still subject to the federal estate tax. Naming one or several primary and secondary beneficiaries is another contingency. Without multiple or secondary named beneficiaries the proceeds go to the estate and become an asset of probate, creating a time-delay before they can legally be distributed.

 

It’s important to word the policy correctly if naming children as beneficiaries. Include any unborn children so future family members aren’t accidentally left out of life insurance benefits. Also, do not name a trusted adult family member as a custodian of the child’s benefits and hope they will use the funds in the best interest of a minor. Many times in that situation, the funds simply become theirs to use for whatever they wish instead of protecting yours or the child’s interests. Fortunately, many states will not  release the funds if the child or children are under the age of majority but you can allow you to name a custodian on the provision the court approves any use of the beneficiary funds. This allows the money to be available while the children are young and helps direct the use of the money as you had planned.

 

Finally, a spendthrift clause may automatically be written into the life insurance policy. The wording used helps to prevent any creditors from legally attaching the beneficiary proceeds. Any proceeds are also protected from attachment by debtors’ creditors. The proceeds will then go directly to the intended person or persons, no matter how much the insured owes to creditors or others.
 
Until next time,

Michael Hartmann http://www.findyourpolicy.com/
Tweeter: @FindurPolicy

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 is a huge problem!!

Hello All,

Lost life insurance is a big deal and a huge problem!! There are millions, and maybe billions, of dollars out there that should be going to families of those who have passed away but instead, the money is sitting there…waiting. That’s all good for the insurance industry, but what about these families? Sadly, many of them aren’t even aware that they have money coming to them. Life insurance policyholders quite often forget to mention the existence of their policies to the beneficiary(s). They might have every intention of doing so, it just never happens. It’s a talk that most people avoid because of the morbid nature of the subject. What they don’t realize is how important it is.

So how does one go about finding a lost insurance policy? Well, the first thing you want to do is look through the person’s financial paperwork. Hopefully they have kept a record of it. You’ll also want to check the checkbook and financial statements as they may have evidence of payments made for the policy. You’ll also want to check tax returns for any interest income they may have reported. The next thing you will want to do is check former employers/check stubs. They may have had a payroll deduction that would be evident. If that doesn’t work, check with whoever holds the other insurance policies, such as auto insurance and homeowners insurance. People tend to stick with the same company for all policies when possible. You can always contact all the insurance companies in the state and ask. This could be a time consuming approach though.  You also want to check with the state as, when the insurance company is aware of the death, they may turn it over to the state’s unclaimed property division. Sadly, though, unless you have evidence of the policy or can find the company that actually holds the policy, you may never see it.

Now, the question for the living is, how do I keep this from being such a problem for my loved ones? First thing you could do is talk to them and give them the necessary information. That is sometimes easier said than done. Plus there is no guarantee that they will remember 30 years down the road anyway. The next best thing would be to register your information with a company like FindYourPolicy.com. You can store your insurance policies with them and your relatives will then be able to conduct a search and be able to find it/them.  It’s free to register your policies and there is only a minimal fee for the search, part of which goes towards cancer research. Whatever you do, be sure that your family is taken care of. It will give you peace of mind now and will help give them peace of mind later.

Until next time,

Michael Hartmann http://www.findyourpolicy.com/
Tweeter: @FindurPolicy

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, Recognized Only When It Is To Late

Hello All,

Thousands of individuals call life insurance companies daily looking for that one piece of evidence their loved one had life insurance. They either, lost the paperwork or simply can’t remember the company name that was told to them when everything was fine. This is a problem that is recognized often when it is too late. Now you must scramble for clues and start calling life insurance companies to try to help you out. With no government database or any database that holds all life insurance policies it is like looking for a needle in a haystack.

There are over 200 million people in the United States that have life insurance. It is said that over 25% of them go unclaimed. That is a number which can add up to billions of dollars a year in lost money that should go to people that deserve it.

Can you name the company that holds your loved ones life insurance policy? Are you positive that it will be readily available to you when the unexpected happens? Make sure that you take the crucial but simple steps to assure with certainty; you will be ready when the time comes.

The conversation about death with family members and loved ones is often passed by due to awkwardness. It is often something that comes up only after the fact and by that time it is too late. The result is the insurance companies, unless told of a death, will keep the money.

This can all be prevented with a little preparation in advance.

Keep the names of your life insurance, annuities, retirement accounts and even the location of your storage unit on a piece of paper and make sure your beneficiaries know where it is for that unexpected time.

Register your policy information and other assets on a searchable database. There is a free service that allows you to do this so your beneficiaries can search it when the time comes.

Keep all your information in a safe deposit box and give the location of your safe deposit box to a trusted friend or family member.

To locate a lost life insurance policy can be a task in itself; however, with a little bit of investigation not all must be lost.

You should look through all papers your loved ones has. Make sure you check for withdrawals from bank accounts as often premiums are paid monthly by automatic withdrawal.  

Search a missing life insurance database as the agent or your loved one may have registered them on it. Life insurance is a much needed investment for everyone. Make sure your loved ones will find it by registering for free on a life insurance database. Protect your family from loss and make it easier for them to find it.

 

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 Insurers Pressed on Lost Policies

Hello All,

The case of lost policies does not seem to go away. Preventing this devestating result can be easily accomplished with a central life insurance database. The Wall Street Journal wrote another great article supporting the fact it is needed. Please keep in mind while reading this very informative article that FindYourPolicy.com is free to register.

http://finance.yahoo.com/news/life-insurers-pressed-lost-policies-030100774.html

Until next time,

Michael Hartmann http://www.findyourpolicy.com/
delicious:    http://delicious.com/stacks/view/EmRceS

Always remember our Mission Statement

“TO BE THE BEST IN SERVING OUR MEMBERS BY PROVIDING PEACE OF MIND THAT THEIR BENEFICIARIES RECEIVE THEIR INHERITANCE”

Love Storage Wars? Not when it’s your stuff..

Hello All, Another great article that you will find interesting.

If we say Jarrod and Brandi, Darrell Sheets, Barry Weiss and Dave Hester, and you say Storage Wars, you’re likely a fan of the A&E hit that pits treasure seekers against each other to win storage lockers and sell the goods inside.

More than 5 million viewers tune in to new episodes of Storage Wars each week. But while it’s fun to watch the fights and finishes, what wouldn’t be so fun is if your personal belongings and collections were on the other side.

Sadly, that’s what can happen if you were to pass away and the storage locker or even safe deposit box remains unpaid or undiscovered by your family. That’s why the team at FindYourPolicy.com offers safety deposit and storage locker registry along with the opportunity to register your life insurance policy.

In an earlier feature, we shared the story of Michael Hartmann, the Find Your Policy co-founder whose father passed away and had to search for information regarding his father’s life insurance policy. Armed with his knowledge of the life insurance industry, Michael and his brother Edmund started FindYourPolicy.com, the nation’s only life insurance registry.

Registration on the site is freeyou are asked to fill out information on the company who holds the life insurance policy and the last four digits of the deceased’s Government Issued Personal Identification number, which is your Social Security number in the United States. Through registering on the site, your loved ones have one, central location to turn to that won’t change addresses. In turn, you also can search the FindYourPolicy.com database to find a beneficiaries’ life insurance policy.

Owners of your storage locker and safe deposit box likely won’t contact your loved ones regarding your valuables. Don’t wait for the folks at Storage Wars to find itregister it on FindYourPolicy.com.

“The entire process takes no more than two minutes to register on a database that never goes away,” Hartmann says. “It’s a great safety net, and it’s free.”  

Ready to protect your loved ones? Visit FindYourPolicy.com and register your policy for free or e-mail info@fyp.usprogramming15.com. To link up on social media sites, visit www.findyourpolicy.blogspot.com, on Delicious by clicking here or follow on Twitter: @FindUrPolicy.  

Until next time,
Michael Hartmann http://www.findyourpolicy.com/
delicious: http://delicious.com/stacks/view/EmRceS

Always remember our Mission Statement

“TO BE THE BEST IN SERVING OUR MEMBERS BY PROVIDING PEACE OF MIND THAT THEIR BENEFICIARIES RECEIVE THEIR INHERITANCE”

How to Find Lost Life Insurance

This is a great article that gives pointers on what to do when you are left looking for someones life insurance policy. Please keep in mind that a central life insurance database is the only way to guarantee your beneficiaries will never lose the paperwork or the company name. Concider registering with us…..its free and secure. We never ask for your Social Security number and we are world wide with clients everywhere.

Please enjoy the article http://www.majon.com/articles/finance-investment-loans/Lost_Life_Insurance_5100.html

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”

Storage Wars an important note

Hello All,

I am sure that you all have heard of the hit tv reality show “Storage Wars”. This is a show where the tv producers are making a ton of money based on the fact that your beneficiaries lose the location of the storage unit of your loved one. Please keep in mind that before they sell the contents they try to get hold of the owner. If the owner has passed away and no other number has been listed they sell the unit. It is such a major issue (lost units) that they made a reality show out of it.
Think about that. How many people do you know have a life insurance policy and the beneficiaries cannnot find it. It is the same issues just different products. The only difference is that no one with life insurance discusses it.
FindYourPolicy.com is the only safe, secure and free database where an individual with life insurance or even a storage unit can go and register. This is a free consumer protection service that will benefit all families in the United States and around the world.
Don’t leave your family hanging, register today…..it is FREE.

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”

The Need for a Central Life Insurance Database

When you’ve purchased and paid premiums on a life insurance policy for years, you expect your loved ones to be able to access that policy, correct? Planning for your loved ones after you pass is certainly a worthwhile endeavor and one that can mean the difference between their comfort and struggling to get by. Unfortunately, these days many life insurance policies go unclaimed, even when family members are rightfully owed the money. Read on to learn more about this serious problem.

Why It Happens

Why is this such as issue? In many cases, family members do not even know that a life insurance policy existed. They may have been aware of it, but then forgotten. Or they may be aware that their family member had a policy, but have no access to the paperwork or information about the plan.

The insurance company is in charge of locating the beneficiary of the policy but, in many cases their attempts at contacts do not work, as the beneficiary has changed addresses or phone numbers. Other times, the insurance company doesn’t even know that the policy holder has passed away.

What Happens to Unclaimed Policies

After an insurance company tries and fails to locate a beneficiary, that money is transferred to the state. The state then acts as a steward of the funds and is responsible for making announcements online and in other media sources about the money. Unfortunately, most states do not have the resources to do thorough accounting of this money. For more information on corporate and state accounting, http://www.accountingcertifications.org a look into accounting certifications.

This process of transferring the funds from insurance company to state can take years. In the meantime, the insurance company and the state benefit from this cash, while the beneficiary is left penniless. Since unclaimed policies are regulated on the state level, there is no uniform, standardized way for beneficiaries to search and find unclaimed policies.

How Big is the Problem?

Since there is little recordkeeping, the size of the problem is hard to pinpoint. One professor at Indiana University estimated that $351 million dollars in unclaimed policies was transferred to states in 2009 alone. The total number of unclaimed policies and securities was more than $1 billion. That is a lot of unclaimed money that could be benefitting family members. If you’re interested in learning more about the healthcare industry and healthcare research, you may be interested in attending an http://www.online-colleges.org  has more information. A Central Life Insurance Database a Possible Solution
What is a way to avoid this debacle of unclaimed insurance policies? A central life insurance database. A searchable online database is a repository of insurance information, which loved ones can utilize if they ever need to access the details of your policy. This puts the power back into the hands of the beneficiary. A worldwide database like http://www.findyourpolicy.com      makes it very simple and free to register your insurance information. While paperwork can be lost, the online record will always exist for your loved ones, should they need it.  http://www.nytimes.com/2011/02/26/your-money/life-and-disability-insurance/26wealth.html?_r=1&pagewanted=all

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”

Unclaimed Life Insurance

Hello All,

This time I would like to bring an article to you from InsuranceQuotes.com It is a great read and very informative.
http://www.insurancequotes.com/unclaimed-life_insurance_money/

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”

Social Media for Unclaimed Life Insurance

Hello All,
We have been concentrating on our Social Media advertising. Through the use of our great partners Amplification Inc. we have been increasing the awareness and the importance of a central life insurance database. We would like to thank everyone that is following us on Twitter, Facebook and LinkedIn. Please take a look at our Delicious platform for more information and updates on Unclaimed Life Insurance and how you can prevent it.

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”