The results of a survey by Nationwide Financial Services, Inc. has shown that 70 percent of policyholders of life insurance feel confident that the beneficiaries of the coverage would be capable of filing the claim when the time comes, and that the majority of those policyholders have made an effort to assist in the necessary preparation. The survey’s outcomes were released for Life Insurance Awareness Month, which is September. According to Nationwide Financial’s senior vice president of Individual Protection, Peter Golato, families can obtain financial security and stability from life…
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Nationwide answers probing questions in Florida
Representatives from Nationwide Mutual Insurance where called upon by Florida officials to testify on how insurers handle life insurance payouts in the state. Several of the state’s insurance companies have been the target of controversy lately after being accused by regulators of holding back payouts. Allegedly, these companies withhold funds despite having full knowledge that a policyholder has passed away. According to regulators, these funds may be being held in safekeeping until they are designated as unclaimed, at which point the insurer is no longer liable for payouts. Nationwide assured…
Read MoreMake sure to check settlement options on life insurance plan
If you live in the state of Texas you may want to review your life insurance policy and read all the terms associated with it. According to a recent survey conducted by the Texas Department of Insurance (TDI) several life insurance companies place beneficiary payments into a Retained Asset Account (RAA) instead of directly paying the beneficiary. In a survey of 160 life insurance companies the TDI found that around 71 of the companies offered RAA’s and over half of them use the accounts as the default policy settlement option.…
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