Life Insurance Companies Exploited Loophole

Employee Of The Month

According to 'The Daily Mail' thousands were billed for life insurance after they died.
"Because most policies require the beneficiary to file a claim, insurance companies are able to legally continue drawing on the policy's cash reserves until funds run out... if the beneficiary does not make a claim, the insurers can continue to draw payments from the policy's cash reserves... Once the cash reserves were depleted, the company would cancel the policy"According to NBC News: 1 in 600 may be owed unclaimed life insurance money

Since this scheme was uncovered back in 2011 insurance companies have been paying settlement money into the 'unclaimed property' funds in each state.


NBC did a great job on reporting and has further links with more information. Check it out at the link above or click on the logo below if your interested.

I urge my readers in each state where they live to check and see if they have property coming to them. After learning of this insurance settlement, now would be a most excellent time to see if you are owned money. The 'National Association of Unclaimed Property Administrators' maintains a excellent site which provides links to each state's 'unclaimed property' departments.

In Pennsylvania it's a snap, takes less then a minute & best of all, it's free.