Tuesday, August 23, 2016

Related imageDid You Know that Life Insurance Companies are not required to notify you when or if you are due money from a diseased person who named you as a beneficiary? What the hell???I buy life insurance so that people will be secure after my death. It is my entire reason for buying a policy. Congress needs to get back from vacation and get after this industry! Apparently the only way to get your money is to ask for it when the person named you in their policy died. What if you don’t know if Uncle Harry wrote your name on his life insurance policy? You won’t be notified and the money will be spent by the insurance company! This just is not fair, just or ethical!
When you take out an insurance policy you sign up and give them money on a regular basis with the expectation that your spouse or children or you from Uncle Harry or whomever will receive the benefit. Well through audits of the nation’s leading insurance companies, they are getting richer and richer and simply not paying out the $10,000 to Million dollar insurance money to the people that have been feeding the company for years till they drop dead! It is a systematic industry practice to just not tell your people that they have money coming to them. Why? Because they simply are not required by law to inform you.
Well then somebody make a damn law! Our family and friends deserve this money! 25 of the nation’s largest life  insurance  companies are sitting on $7 Billion Dollars in back death benefits un paid to your friends and relatives you wanted the benefit to go to. Many times the beneficiary is unaware                                             they are even entitled to this money.  The companies don’t pay unless the specific person named in the policy makes a claim. There are millions of policies un- paid out just in Florida. There are policies that should have been paid out and have never been distributed since 1960.  The billions of dollars are sitting in the investment part of the insurance companies bank accounts.
John Hancock, Met Life, Prudential to name a few of the largest companies having this unfair policy to their customers. They do pay out when a beneficiary files a proper claim.  If no one comes forward to file a claim, they reinvest the money. There is a death master file that insurance companies have access to so there is no reason for them to not even know when someone has been declared dead. Often the insurance siphon fees off the top of the policy till there is no money left to the policy even if you claim it. Remember that those of you who have paid in full a say 20 payment policy years ago.
Under the law they are allowed to pay themselves premiums using their customers accumulated cash while they are alive. This law was designed to protect the policy say if you lost your job and can’t make the recent payment. They will use built up cash to pay the payment. The abuse here is that now you are dead they didn’t pay anyone because no one asked for the money so they continue to pay themselves till there is no money left. Congress we need a new law!

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