FT.LAUDERDALE, Florida, April 26, 2016—(PR NEWSWIRE)—While producers of TV shows* are trying to figure out why the insurance companies are not paying out to beneficiaries when they know the insured has died, smart consumers are ensuring that their heirs won’t have to hope to be contacted thanks to a FREE registry service called FindYourPolicy.com. http://www.findyourpolicy.com
According to a recent CBS 60 Minute story, “audits of the leading Insurance Companies have uncovered a systematic, industry wide practice of not paying significant numbers of beneficiaries, even though they know the insured has passed away”.
“When you die, it isn’t the responsibility of your insurance company to contact your beneficiaries—up until a few years ago your insurance company, had no way of knowing when you die, unless a beneficiary contacts them,” notes Michael Hartmann, CEO of FindYourPolicy.com “It was up to you to make sure your beneficiaries know where to find your life insurance policy.” Since then the Insurance Commissioners got together to have insurance companies search the Death Masters File which lists Social Security numbers of individuals that have passed away in the United States. However, according to the news story, some insurance companies refuse to comply. They feel it is only their responsibility to sell insurance and not to contact the beneficiaries.
FindYourPolicy.com was designed to solve this ongoing problem of unclaimed life insurance by allowing the insured to register the company name they have life insurance with, so that beneficiaries can locate it when the time comes. http://www.findyourpolicy.com
“Due to the Privacy Act, insurance companies will never get together and create an active life insurance database. It is up to the individual with life insurance to register on such a database.” according to Michael. “We are always looking for that one insurance company or agency that sees the benefit to their customers; all they have to do is register the company name.”
FindYourPolicy.com is an FREE online registry designed to ensure that beneficiaries receive the life insurance benefits arranged for them. Storing low-risk information like the names of insurance companies at which members have policies, FindYourPolicy.com is an easy to use and easy to understand service. Using only a member’s birthdate and the last four digits of the social security/social insurance number, beneficiaries may search FindYourPolicy.com to locate registered assets. http://www.findyourpolicy.com
* CBS 60 Minutes “Not Paid”