According to a leading consumer research organization, approximately $1 billion in life insurance payouts remains unclaimed nationwide. The odds are one in 600 that a person is owed benefits from a forgotten or misplaced life insurance policy. Much of the problem of unclaimed benefits has to do with the fact that grieving issues often prevent beneficiaries from filing claims. However, emotions shouldn’t prevent survivors from getting benefits to which they are entitled. The deceased’s executor and immediate family are encouraged to make inquiries into life insurance payouts as soon as possible. The more information they can provide (including the deceased’s date of birth and death, Social Security number, last state of residence, and policy number), the more expeditious the process.
NOTE: In 2012, life insurance companies paid out a total of $462 billion in claims.