CBS News, 60 Minutes revealed information about unpaid life insurance claims to beneficiaries
On August 14, 2016 the CBS News show, 60 Minutes revealed that some life insurance companies are withholding payments from some of their beneficiaries, and many of them don’t even realize their loved one had a policy to support them. Even when the life insurance company could have easily determined that a policyholder had died, they did not lift a finger to locate nor notify their beneficiary.
In April, 2016 twenty-five of the nation’s largest life insurance companies admitted no wrongdoing, but agreed to pay more than $7.5 billion in back-death benefits in a series of settlements directly to the unpaid beneficiaries or to the states, which would then attempt to contact the beneficiary. However 35 insurance companies had not settled and remained under investigation for not paying when the beneficiary was unaware there was a policy.
You’ll be asking yourself, “Does a life insurance company owe me money?”
If you know of the life insurance company that issued the policy to your deceased loved one, start there. Keep in mind that the life insurance company may have been bought out and changed names or it may have been dissolved. If you can’t find your policy, it may be operating under a new name. The insurance commissioner of your state should be able to help you locate the new company if you can’t find it on your own.
With this website, you can click on the name of your state and you’ll be redirected to the state’s unclaimed insurance website. If you have lived in multiple states you can conduct the search for every state in which you have lived.
Hoffman Brown Company is happy to assist with your Life Insurance needs. Contact your insurance agent or your team at Hoffman Brown Company in Sherman Oaks, California.