The insurance department in Missouri has just developed a new program that will assist beneficiaries in being able to track down any life insurance policy that is held by the deceased person. The insurance department has said that it isn’t at all uncommon for people to know that a family member has life insurance coverage, but not actually know which insurer sold the policy. Using this new program in Missouri, people who are searching for a life insurance policy for a dead relative will be able to give the information…
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Insurers remind consumers of Life Insurance Awareness Month in September
September is Life Insurance Awareness Month, and insurers such as Northwestern Mutual, which has been named the Fortune magazine “World’s Most Admired” life insurance company for 2011, is witnessing a growth in the interest consumers have for their long term protection, as the insurer reminds people across the United States about the importance of life insurance to planning financial security. According to the vice president of life products at Northwestern Mutual, Dave Simbro, “Life Insurance Awareness Month is a great reminder for everyone to consider their life insurance needs”. He…
Read MoreNationwide 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.…
Read MoreDelinquent life insurance pay outs being investigated
As insurance companies from around the nation begin to crack down on fraud, some are finding themselves accused of the very thing they are trying to expunge. Such is the case with Metropolitan Life Insurance Co. The insurer is accused by the state of California of not paying life insurance benefits after finding out that the policyholder had passed away. The state is getting ready to investigate the practices of the company in an effort to determine whether these allegations are true or false. Earlier this week, Insurance Commissioner Dave…
Read MoreShopping for life insurance on the Internet
In days past, life insurance agents would come to your door. Today, the agents are trying to reach people through the Internet. The benefit of purchasing online is that you can compare insurance companies and their rates, view features and plans that are offered. Many online insurance companies will even connect you with a licensed insurance agent so you can make sure you get the coverage you need for yourself or your family. Gary Lardy, CEO of IntelliQuoute feels that by insurance websites providing access to tools at all hours…
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