Die And The Life Insurance Company Pays No Death Benefits To The Beneficiaries
August 31, 2008
The burden of proof and collection of benefits rests on the named beneficiary. If a life policy goes unclaimed, the company can take cash value out of the policy to keep it going, or reduce the face value. Reducing the face value shrinks the amount that the beneficiary receives. Usually the policy is cancelled completely for premiums due that have not been paid. All goes to the present insurance company, unless you can track it down within a reasonable time period.
Make sure the insured knows the current name of the life insurance company insured with, and that any beneficiaries know about it also. An insurance company may have changed its name, location or ownership three times within the past 5 years. Remember that if your mail to the insurance company gets returned, your phone number to the insurance company probably will no longer exist. Also if the agent who sold the policy was in the business under 4 years, there is a 90% chance that he if no longer there.
Does a life insurance directory even exist on the internet? After exhaustive searching using many search terms, it was not found. Just a simple insurance directory of health, annuity, and active life insurance company headquarters, showing the full name, the mailing address, and where possible a telephone number. With an insurance company internet lookup, the NAIC code is essential to know.
A field "NAIC" provides a code number to locate or identify an insurance company. Remember that when the life insurance company directory under type shows LIFE, the insurance company could specialize in life, annuity, or health insurance polices or all three. When the type shows FR that means a Fraternal Life company information is displayed. HIC under type refers to Health Insurance Corporation. Some companies are hard to locate, as often they are not licensed in all states.
An NAIC code could be very handy if you have an attorney, who with this NAIC number should be able to track down the company, and the parent company who NOW owns it. You should make sure that you write a note on the life insurance policy with the NAIC code. It could save a lot of frustration in the future.
Examples:
Life 78700 Aetna Health and Life Insurance Company
151 Farmington Avenue, RT21 Hartford, CT 06156 860-273-0123
Life 60380 (AFLAC} American Family Life Assurance Company
COLUMBUS, GA 31999 706-323-3431
Don Yerke is the marketing adviser at Agents Insurance Marketing USA, Inc. with a 150 page website at http://www.agentsinsurancemarketing.com We are the premier direct marketing firm for providing refined lists of Department of Insurance agent names. Tips, secrets, advice, and intense research make this web site unique.The site is crammed with articles benefiting insurance agents, marketers, recruiters and sales letter writers. All of our information is Free. Even our enormous listing of power words and power word phrases is the largest on the internet, designed to assist writers and speakers of all sorts for free.
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