Ohio attorneys investigate unpaid life insurance benefits

The Ohio attorneys at Elk & Elk are investigating and helping whole or universal life insurance policyholders who may be at risk of losing their benefits.

When you purchase a life insurance policy to protect your family, you expect the insurance company to keep its commitment to you and your loved ones. Unfortunately, the Ohio life insurance attorneys at Elk & Elk have learned that life insurance companies are keeping millions of dollars owed on fully-paid policies every year. Several U.S. insurers are now under investigation regarding this practice.

If you’re 60 years of age or older and have whole or universal life insurance or if you are 60 years of age and under and have a paid in full or self-funded policy through any of the following Ohio life insurance companies your death benefits may be at risk:

The exact value of unclaimed life insurance benefits due from fully-paid life insurance policies is unknown, but it is becoming clear that few insurance companies are making any attempt to see that beneficiaries are paid.

Specifically, according to the Wall Street Journal (WSJ), some insurers have turned a “blind eye” to easily accessible databases that could help determine if benefits are owed.

Bloomberg News also recently reported that Florida insurance regulators have conducted hearings and investigations of industry practices. According to Florida Insurance Commissioner Kevin McCarty, the purpose of the hearings were to “ensure that insurance companies use as much effort to find and pay beneficiaries as they do to find and collect premiums.”

This is not only a Florida issue. In fact, Susan E. Voss, National Association of Insurance Commissioners (NAIC) President, has explained that across the country, “state regulators are committed to reviewing the full extent of these practices in the life insurance and annuity industry,” and that the NAIC will “coordinate multi-state examinations to effectively utilize our state resources in achieving resolution of these issues.”

To protect yourself and your family from future loss, holders of whole or fully-paid universal life policies should seek help from an experienced Ohio life insurance attorney at Elk & Elk immediately to protect your valuable investment. We have the experience, resources and expertise to help your family get the benefits you deserve from a life insurance policy. If you have questions about unpaid life insurance benefits, view our Frequently Asked Questions or call 1-800-ELK-OHIO for additional assistance.