Looking for lost insurance money can pay off
Millions of dollars in life insurance goes unclaimed each year for one simple reason: the beneficiaries simply don't know the money exists.
Even in this wired age, if the insurance company can't locate the beneficiary — or for that matter, even ascertain that the policyholder has died — that money will go unclaimed, eventually being turned over to the public purse, Consumer Reports reveals.
Sometimes it's a communication problem. All too often, however, people buy life insurance and don't let their beneficiaries know about it. But Consumer Reports argues that insurance companies know that policies sometimes go astray and may not be working as hard as they might to find beneficiaries.
If you know or suspect that a particular insurer underwrote the policy, contact that carrier’s claim office by phone or online. If you don't get a positive response, don't give up. Many companies have an ombudsperson to contact, for instance.