Average Price of Life Insurance in US and UK
How Much Does Life Insurance Cost?
MAXIMUM ANSWERS © MXMCREATION
How Much Does Life Insurance Cost?
MAXIMUM ANSWERS © MXMCREATION
Life insurance policies of deceased people. It is a fact that people die, it is sad, and of course it is never planned, well not usually by the deceased but people die after living and when they are living they usually take out a policy or two on their life as they call it.
Taking out a life policy means that when the person who is insured dies there is usually a sum of money owed by the insurance company to a beneficiary usually a partner or sibling as they call children when they legally refer to them.
If you don’t know whether a person had a life policy and you didn’t find one when you dealt with their affects it is very difficult to discover if they did. There is no central repository of that sort of information and so if your life is insured do make sure that someone knows where the policies are.
And the reason for that is that if someone dies and you cannot find the life policies the insurance company will get to keep the unclaimed money and that is after some poor devil has paid all their life to make sure that they had a little something at the end. It is said that there are billions of dollars worth of unclaimed monies held by insurance companies.
The law doesn’t really help any relatives either because after a period of time the ‘dormant’ funds are appropriated by the insurance company at first and then passed to the government.
Estimates vary but it is thought that a figure of over 10 billion dollars has been collected by the government in the last two decades alone and that is a lot of cash by anyone’s standards.
What makes this figure even more unbelievable is that usually if a policyholder stops paying the insurance premium and dying tends to have that effect, the insurance company is supposed to make an effort to contact the insured, if that is unsuccessful the insurance companies are supposed to take the value paid and accrued in the policy and change the type of policy, keeping the money safe and away from the insurance company’s pockets and then the government’s but does this happen – I don’t think so!
Taking out a life policy means that when the person who is insured dies there is usually a sum of money owed by the insurance company to a beneficiary usually a partner or sibling as they call children when they legally refer to them.
If you don’t know whether a person had a life policy and you didn’t find one when you dealt with their affects it is very difficult to discover if they did. There is no central repository of that sort of information and so if your life is insured do make sure that someone knows where the policies are.
And the reason for that is that if someone dies and you cannot find the life policies the insurance company will get to keep the unclaimed money and that is after some poor devil has paid all their life to make sure that they had a little something at the end. It is said that there are billions of dollars worth of unclaimed monies held by insurance companies.
The law doesn’t really help any relatives either because after a period of time the ‘dormant’ funds are appropriated by the insurance company at first and then passed to the government.
Estimates vary but it is thought that a figure of over 10 billion dollars has been collected by the government in the last two decades alone and that is a lot of cash by anyone’s standards.
What makes this figure even more unbelievable is that usually if a policyholder stops paying the insurance premium and dying tends to have that effect, the insurance company is supposed to make an effort to contact the insured, if that is unsuccessful the insurance companies are supposed to take the value paid and accrued in the policy and change the type of policy, keeping the money safe and away from the insurance company’s pockets and then the government’s but does this happen – I don’t think so!
