Surprisingly enough, there’s a lot of money held in life insurance benefits that people are not claiming. Which means that there’s a lot of people out there who were probably named beneficiaries entitled to a life insurance benefit and they don’t know yet.
Hopefully, there are some ways in which you can find out about this so that the money doesn’t go to waste.
Can I be a beneficiary to life insurance without knowing?
It is remarkable the number of people that die and leaves others entitled to their death benefits and for some reason, they fail to inform the beneficiary.
The most common reason is that the deceased wanted to leave a gift to the beneficiary without them knowing, or maybe they simply forgot that they have someone listed as the beneficiary.
How do I know if I’m entitled to someone’s death benefits?
Now, it’s important to understand that after a significant loss, the last thing on people’s mind are insurance policies but they should not forget that it is important to find out if they are entitled to a death benefit.
All options are possible here, for instance, sometimes insurance companies don’t even know that the holder has passed away. The bottom line here – time is important, so the faster you do this, the better.
The first thing to do is a web search for unclaimed life insurance, these sites often provide info regarding policy benefits that have not been paid off yet. They also provide info on investments and dividends related to whole life policies.
In addition to this, if someone close to you recently died and you’re wondering whether you’re a beneficiary or not, then you should ask for clues with other family members.
You may also want to do a search on your own and find any paper or official documents, business cards from life insurance agents, old bank records, something that gives you any clue.
When people belong to certain private organisations, they can sometimes receive low-cost life insurance as a benefit. Make sure that you investigate this, you may find answers there.
Sometimes insurance companies call the beneficiary to inform them about this, if you haven’t received any letter or call, maybe the insurance company doesn’t know that the policy holder passed away.
What happens when there’s certainty about the existence of life insurance, but you don’t know the name of the company that has it?
There are websites like this one, who can help you find out the company that has life insurance.
After this, you may able to get the insurance company phone number and ask about it.
Is anyone entitled to receive information about life insurance?
Privacy is an important matter even after one’s demise, so people may not be entitled to receive that kind of information unless you are an immediate family member.
There are circumstances however when even if you’re not related to the person, you may have access to sensitive information. For instance, if you are entitled to death benefits.
After this, you should be able to find out if there’s a death benefit under your name and know how to make a proper claim.
There are other insurances that you should look for instance: Payment Protection Insurance also known as PPIs. This was a type of insurance that banks mis-sold to their customers whenever they were approved for a loan, line of credit, mortgage.
Customers paid this insurance for years without knowing, in 2010 the government discovered the problem and immediately started pushing and making them pay the money back to customers.
This means that if you were approved for any kind of loan at any point from the early nineties up to 2010, maybe you should check if there’s a pending claim under your name.
Right now many people are receiving tax-free money they didn’t know they were entitled to and you could be one of them. Plus you’ll be claiming something that is rightfully and legally yours which is the right way to do things.You can quickly find out if you have a pending PPI claim and learn how to properly claim it. Remember that the due date to file any claim for PPI is 29th August 2019, so it’s best to you hurry now before it’s too late.