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Don't be a victim of lost life insurance policy syndrome

By Compuquotes Team on November 11th, 2010

Imagine this scenario:

 

You've done the responsible thing. You've obtained insurance quotes, purchased the best life insurance policy for your needs and secured the future of your loved ones. Maybe you are married and you purchased term life insurance to provide a financial safety net for your spouse or children. Whatever your situation may be, you've got them covered with a life insurance policy.

All is well, right? It is until you receive the policy paperwork and file it away in the basement. Did you tell your spouse or the person you named as the beneficiary? If you have not, you should know that your life insurance policy is nearly useless unless your loved one knows about the policy and where to access the applicable paperwork.

 

 

The problem of lost life insurance policies

Because the government doesn't track life insurance policies, there aren't any official statistics on how many plans go unclaimed. No matter the actual number of policies that go unclaimed, the fact is that millions of dollars in benefits are left uncollected each year.

 

If you have lost a loved one and are not sure whether they had a life insurance policy, there are several ways to check. Among these are:

  • Reviewing bank statements for premium payments
  • Contacting previous employers
  • Watching for annual policy statements in the mail

 

Of course, the best way to avoid a lost life insurance policy is to make sure your loved ones know you have coverage. So before filing away that plan in the basement or among other files, tell your beneficiaries about the policy. Better yet, make a copy of the documentation for them. That way you can be assured that you are not only responsible, but you are also prepared for whatever the future may hold.

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