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79 votes.
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Several of the top insurance
companies are under investigation for failing to pay death benefits on life
insurance policies. The Wall Street Journal reported recently that a
multi-state investigation is underway that shows a distinct pattern designed
to prevent payment on policies. Many of the cases involve decades old
policies never entered into a main computer system. Policy benefits
are simply not paid in some cases because the beneficiary named on a policy
isn't aware that they were named as the beneficiary of the policy in the
first place. Insurance companies won't try to find them to pay the
benefits. How can you prevent this from happening to you? Take just 20 minutes and follow Matatan's tips: - List all of your life insurance policy account numbers, values and beneficiary names; bank accounts, brokerage accounts, retirement accounts and certificates of deposit information. Put the list in a safe place that's easy for a family member to locate. - Jot down what you would like to do with furniture, household contents, the house, cars and other assets at the time of your death. Inform one to two family members where all of this important information is located. Update your lists and desires each year. |