Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
That is an absurdity. The insurance companies have a duty to contact their beneficiaries. A DUTY! That was part of the initial contract.
No actually it's not part of any typical life insurance contract. Beneficiaries have to claim a death benefit, i.e officially submit proof of death and fill out a form, and that's not too much to ask of a person.
They're expecting the insurance company to hunt down beneficiaries when they may have found out off hand that a person has died. No, that's not how it works.
If somebody dies, the family should be responsible for the estate, and tie up all these loose ends - see if they had life insurance. Find these things out. Hire a lawyer if need be.
That is an absurdity. The insurance companies have a duty to contact their beneficiaries. A DUTY! That was part of the initial contract. Not doing this is theft with a pen but just as much a robbery as using a weapon.
Agreed 100%.
It is a matter of public policy that when someone pays for insurance, they get insurance to the fullest extent of the policy.
These companies should have to pay for auditing every policy (if need be), pay the full amount + interest to the families and be fined for each violation found. There is no excuses whatsoever for this behavior.
Location: By the sea, by the sea, by the beautiful sea
68,329 posts, read 54,389,283 times
Reputation: 40736
Quote:
Originally Posted by Tritone
I don't see the problem.
To claim a death benefit, all you have to do is submit a death certificate of the insured and ask for your money. That is your responsibility. If this person had done that, he would have gotten it.
It is not up the insurance company to keep track of who dies and go looking for the beneficiaries. You have to claim it.
How about when they take $$$ from the policy's accrued value to pay premiums to themselves while fully aware the insured is dead? See a problem there?
Yeah. Especially when all you have to do to get money owed to you is ASK for it. That requires just the slightest bit of personal responsibility.
Who was responsible for this persons estate? No one knew that they had life insurance and told the beneficiaries?
No one is being cheated. You gotta claim a death benefit; it's part of the agreement.
How can YOU ask for it if your dead
The relatives would have to know about the policy and then act on it. Until now I couldn't remember who some of my beneficiaries were on my policies. It's a little more involved than you think.
Yeah. Especially when all you have to do to get money owed to you is ASK for it. That requires just the slightest bit of personal responsibility.
Who was responsible for this persons estate? No one knew that they had life insurance and told the beneficiaries?
No one is being cheated. You gotta claim a death benefit; it's part of the agreement.
Most contracts have emergency contacts, payments stopped coming in and yet didn't attempt to contact the claimant and they were aware at some point that they were deceased.
How about when they take $$$ from the policy's accrued value to pay premiums to themselves while fully aware the insured is dead? See a problem there?
That happens automatically when people aren't paying premiums. A computer does that.
Just like a person will continue to receive phone and/or electricity bills after they die if somebody doesn't call and officially close those accounts.
You have to prove death to get a death benefit. Don't expect the insurance company to investigate it for you and look up the beneficiaries.
When somebody dies, the family is responsible for that estate. Close all their accounts, see if they had any insurance, ect…
Most contracts have emergency contacts, payments stopped coming in and yet didn't attempt to contact the claimant and they were aware at some point that they were deceased.
They know.
I just recently had an elderly relative die and another family member was in charge of the estate. We knew every single entity that should be contacting us.
Like clockwork, all of them did and at super speed. Some of these entities were insurance interests he hadn't altered any terms with in 50 years. So fortunately for the family member handling the estate things went smoothly on that front.
They know. And they know quickly. They must scour the obits every morning.
Location: By the sea, by the sea, by the beautiful sea
68,329 posts, read 54,389,283 times
Reputation: 40736
Quote:
Originally Posted by Tritone
That happens automatically when people aren't paying premiums. A computer does that.
Ah, the old blame it on the computer gambit.
They KNOW the people are dead, they HAVE that information, they TAKE that person's money to insure someone they KNOW is dead. Blaming it on the computer is at best a lame excuse, they are picking the pockets of corpses.
That happens automatically when people aren't paying premiums. A computer does that.
Just like a person will continue to receive phone and/or electricity bills after they die if somebody doesn't call and officially close those accounts.
You have to prove death to get a death benefit. Don't expect the insurance company to investigate it for you and look up the beneficiaries.
When somebody dies, the family is responsible for that estate. Close all their accounts, see if they had any insurance, ect…
No offense but do you work in life insurance?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
