I think everyone realizes how important life insurance is and the real difference it can make in the lives of the beneficiaries. However, equally as important as having life insurance is making sure that your family or a loved one knows of its existence!
Let’s face it, insurance companies aren’t out there looking through the obituary section of the papers to find people to pay money to. In order for life insurance to work effectively and pay benefits on a timely basis, someone needs to file a claim. This can be a challenge if you do not inform your family that you have a policy.
Recently, the CBS Sunday Night News Program 60 Minutes did a story on how billions of dollars of life insurance had not been paid out to family members following the death of a loved one. While the full story touched on many aspects and types of policies, my one take away was this; in all of the cases, had the family known about the policy and filed a claim, the claim would have been paid!
Today’s lesson learned, the easiest way to ensure families receive the benefits they are entitled is to be sure they know they exist! Watch the video on CBS News and then start your free 30-day trial of My Life & Wishes for the easiest way to ensure your family has the information they need.