When we buy life insurance, many of us fail to think much beyond terms and benefits. But what about the process of claiming those benefits? Each year there are billions of dollars in unclaimed life insurance benefits in the United States. Why? Because policy holders often fail to share the details of their coverage with those who need the information most, their beneficiaries.
Unclaimed Life Insurance Benefits
The topic of unclaimed life insurance benefits is an issue we’ve covered several times here in the IntelliQuote blog. It is a subject we like to address from time to time to remind readers of the importance of not only carrying life insurance, but sharing policy information with those who may one day need it. Without this critical information, your family could spend years and even thousands of dollars attempting to locate the life insurance benefits that are rightfully theirs. In 2010 alone, New York Life paid an astounding $3 billion dollars in unclaimed life insurance benefits. And still more benefits were left unclaimed. Protecting your family from a similar situation, at an already difficult time, is actually quite simple. Note the name of the carrier and policy number in a safety deposit box or with other pertinent materials that will be easily accessible at the time of your death. Your family can use this information to start the claim process to help with final payments, remaining medical bills and other immediate expenses.
Updating Life Insurance Beneficiaries
Another important detail to keep in mind is your life insurance beneficiary. Be sure to keep your policy up-to-date. This is yet another step you can take to simplify the life insurance claims process. At IntelliQuote, we often hear from people who are updating beneficiaries following a marriage, a birth or even a death. By taking these steps proactively, you can ensure that those who will face financial hardship at the time of your passing are protected.
Compare Life Insurance Rates Today!
If you are currently shopping for coverage, or would like to determine if your coverage is adequate, we encourage you to compare life insurance rates today. At IntelliQuote, we make this process as quick and easy as possible. Simply complete our quote request form and compare life insurance rates in minutes. Have questions? Your personal IntelliQuote advisor is here to explain your options, help you compare life insurance rates and even name your beneficiaries. What are you waiting for? You have nothing to lose and your family has so much to gain.
Are you interested in receiving more tips and guidance to help you better manage your life insurance? Follow our blog! Here we will be sharing the insight your family needs. While you’re here, be sure and read these related posts: