This is an insurance law blog. Most of the content on our site is about insurance disputes that Oklahoma residents face all too often. While we are most often discussing the unfortunate reality of insurance benefit denials, a recent news story presents a less common but still real reason why local people are missing out on insurance money they deserve.
A crucial kind of insurance in which people invest is life insurance. If someone is married and/or has children, a life insurance policy can provide at least some security for loved ones when the policyholder dies. But what if that supposed financial security doesn’t get to where it is supposed to go?
Sources report that more than 800 families have been faced with an odd surprise in the past year-and-a-half. They were told that they were the beneficiaries of life insurance policies that they didn’t know existed.
A reported 42 policies worth an accumulated total of $600,000 went uncollected until the Oklahoma Insurance Department identified the problem and reached out to the intended beneficiaries. Now, the program that has helped in this measure to pay out policies that are due is becoming available to people nationwide.
While this is a happy-ending sort of life insurance story, we can’t end this post without taking the news as an opportunity to better educate policy holders and their loved ones.
Help to ensure that the policy you pay for actually helps your family by documenting its existence somewhere you know people will look. Maybe you have an attorney or financial professional whom you rely on and trust. Make sure your intended beneficiaries know who those people are so they can contact them upon your death.
There are helpful programs like this insurance program in the world. There are good people and insurance providers that will help from time to time. But this is not always the scenario. Trust your gut and an experienced insurance lawyer when faced with any insurance concerns. Your loved one’s wishes and your financial stability could depend on it.