Tag: life insurance payout

Life insurance companies in Illinois owe $7.5 billion to unknowing beneficiaries

Marc
life insurance companies

Many insurers are keeping the money owed to beneficiaries who have no idea they’re entitled to a payout. Life insurance companies across the country are struggling with the issue of tracking down beneficiaries owed death benefits. While some states have very strict and specific laws about insurer practices in these situations, others make it possible for insurers to admittedly keep the owed money. In Illinois, this problem has risen to several billions of dollars owed to beneficiaries but kept by insurers. The practice has meant that life insurance companies aren’t…

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Terrorist’s life insurance policy can be seized by US government

Nordstrom
US life insurance policy payout ruling

A federal judge has ruled that the payments on the policy of the San Bernardino killer can be taken by the government. A federal judge ruling says the U.S. government can seize the life insurance policy of Syed Rizwan Farook. Farook was one of the extremist terrorists involved in the murders in San Bernardino last year. The murderer purchased life insurance coverage near the time he was planning the terrorist attacks. He and a friend, Enrique Marquez – an extremist Muslim convert – planned terrorist attacks together. He started with…

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Life insurance policies carried by San Bernardino shooter may be seized by US

Julie Campbell

This week, federal prosecutors filed a suit to be able to take control of Syed Rizwan Farook’s payouts. The life insurance policies taken out by Syed Rizwan Farook, one of the San Bernardino shooters from the attacks in December 2015, may soon be seized by the U.S. government if federal prosecutors are successful in winning the lawsuit they have now filed. This would allow the government to seize the payouts from the two insurance policies carried by the shooter. The U.S. attorney’s office in Los Angeles made the filing for…

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Millions of dollars in life insurance benefits owed to unknowing Californians

Julie Campbell
agent discussing life insurance benefits

There are thousands of people living in the state who are owed large amounts of unclaimed money. Officials in California have now said that thousands of people across the state are owed millions of dollars in life insurance benefits – sometimes in amounts that are greater than $100,000 – and that many of these individuals have no idea that this money is owed to them. The California Controller’s Office said that some insurance companies haven’t made any effort to find beneficiaries. According to the Controller’s Office, in many cases, there…

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Life insurance requirements are greatly underestimated by consumers

Julie Campbell
Life Insurance Over Age 50

According to recent research, the average policyholder should have $46,000 more coverage than they have. The majority of people who should be covered by a life insurance policy don’t even have one, but among those who do, the results of a recent study have suggested that they have typically underestimated the amount that they actually need. This means that if the worst should actually occur, the insurance payout may not be enough to cover beneficiary needs. SunLife recently conducted a study that has shown that the average payout from a…

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