Frequently Asked Questions About Life Insurance and Unclaimed Benefits

Q: What happens to someone’s life insurance policy after they die?

A: When a person with a whole or universal life insurance policy dies, his or her beneficiaries are able to claim the benefits.

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Q: Why do beneficiaries fail to claim their benefits?

A: Oftentimes, beneficiaries don’t know they’re entitled to benefits or don’t know which company holds the policy.

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Q: Why aren’t life insurance companies contacting beneficiaries?

A: Life insurers typically don’t look for beneficiaries who don’t make claims.

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Q: How does this affect me?

A: You pay your life insurance premiums for years to help your family after you die. Life insurance companies may be improperly holding onto insurance policy benefits that should belong to your beneficiaries.

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Q: How much money in life insurance policy benefits are insurers holding onto?

A: Investigations reveal that life insurance companies may owe more than $1 billion to policyholders, beneficiaries or states.

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Q: What is being done to help beneficiaries?

A: Some states are working on regulations to make life insurers identify pay beneficiaries. In the meantime, you should seek help from an experienced Ohio life insurance attorney at Elk & Elk who can help you protect your benefits.