Life Insurance and Death Benefits

Life insurance provides peace of mind. Purchasing whole or universal life insurance policies helps policy holders ensure the future financial stability of their estate and their loved ones. Recent news reports have indicated however that certain life insurance companies maybe retaining unclaimed benefits owed to policy holders or beneficiaries. If you believe you have not received life insurance policy benefits to which you are entitled, you may have a legal claim.

Recently, Western & Mutual Holding Co. and Columbus Life Insurance Co., both Ohio companies, failed to examine Social Security’s Death Master File. The master file would have provided the insurance company with up-to-date information concerning whether or not policy holders were still alive. Using this master file would ensure that policy beneficiaries receive timely payouts of benefits whether or not the beneficiaries were aware that the policy existed. Estimates by researchers indicate that unpaid benefits could reach into the hundreds of millions of dollars annually. If this occurs each year then life insurance companies could be reaping undeserved benefits which belong to either a policy holder, a beneficiary, or the state government.