Unclaimed Life Insurance Benefits?

Life Insurance

New York State Department of Financial Services announced $386 million of unclaimed life insurance benefits has been paid to over 25,000 New York residents.

Previously, if a family member did not know there was a life insurance policy, or forgot to file a claim, the benefit went unpaid.  Unclaimed money is transferred to the state for safekeeping until heirs step forward to claim the benefit.

New York State has a free online policy finder to help residents locate lost or misplaced life insurance policies or annuity contracts.

Note:  Ask me about the Emergency Response System. As a licensed Life, Accident and Health Insurance professional I use the ERS to advise your beneficiaries and designated family members of your protection decisions. Please call me at 1-800-503-1972 or Book an Appointment on my calendar for a complimentary and confidential consultation.

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About Daniel G. Alcorn
My financial services career began in the late 70's in New Hampshire. My career path includes 19 years in Vermont where I served as Senior Vice President of the state's largest commercial bank. I relocated to New York's Capital Region in 2003 where I now enjoy helping individuals and families with their Life, Medicare and Long Term Care insurance decisions. Let's connect online at www.linkedin.com/in/dgalcorn and https://www.facebook.com/DGAlcorn.Associates/

2 Responses to Unclaimed Life Insurance Benefits?

  1. Insurance companies deserve the “cheating” label in my opinion. They took advantage of me when I was younger and uninformed. And now that I know better I go in playing hard ball every time I deal with them just to get what I’m owed. They prey on the young and elders.

    • Daniel G. Alcorn says:

      Thank you for the feedback. Your blog entries confirm you are very knowledgeable on this topic. I wouldn’t go so far as to label insurance firms “cheaters” yet do recognize consumers and the companies are betting against each other. For my part, as a licensed agent, I reach out to insureds’ families and attorney and let them know about the policy. Everyone appreciates the outreach and it minimizes the “unclaimed” funds dilemma.

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