Why aren't there better federal laws and/or state laws to "force" insurance companies to do more to get the death benefits paid to beneficiaries?
Example: Hard working couple, husband has life insurance policy for the wife and kids future, both not very structure and organized with the documentation and finances. Wife doesn't know there is a policy, husband dies, she doesn't know where to start to find the policy. There are thousands of insurance companies in US.
Shouldn't there be tougher laws to make it more easier for the widow in this example?
Though this may be hypothetical, we know it has happened in reality. There are people who are just not organized!
Let's take this one step further, the husband falls asleep smoking and burns down the house while wife/kids are out shopping. Now what?, the whole house burned down, can't find any documents, if do, it's gone!
My point is, if a family member knows that there is a policy but don't know where to start or which insurance company, they should be able to have a way to track it down. The only information I can find on the internet is MIB, which only goes back 11 years.
And if no one ever makes a claim for a legitimately paid/current policy, then the insurance company cancels that now late or lapsed policy. They win!!! Nothing to protect the consumer....or in this example the widor with 3 children!
Orignal From: life insurance death benefits?
Post a Comment