Things don't always go as we plan , and sometimes that can get in the way of receiving all the money that is due to us. I know this from experience, but then again who hasn't left town and forgot the $10 in a savings account. Or perhaps over payments on property taxes and utilities that are forgotten as you move to a new location, job and life. It's hard to find those lost bits and pieces even knowing where you've been, but imagine if you didn't know that money was left there. Imagine if it was left by a relative that you knew or maybe just knew but rarely spoke to.
Imagine that an Uncle left a life insurance policy and you were his closest heir, but he lived in Seattle and you only talked to him once a year. The life insurance company may find out that he passed away within a few months but they won't necessarily know who you are and where you live. In fact many states make a healthy revenue from the languishing life insurance proceeds that can not be paid to the heirs.
One expert from IU stated that an estimated $351 million was transferred to the state governments in 2009 and he feels that is a conservative number. So how do you keep from leaving your legacy to the state government?
First off, find a life insurance agent that you trust and review your life insurance with them every year. Make sure that your agent knows what group term you have through work and if you have any policies through other companies that you don't have an agent with. Your agent will make a record of these policies and be a resource for your loved ones when you pass. A good agent will be in your community and will know if something happens to you. They will be able to speak to your spouse or children and guide them through the process as well as helping them get all the benefits you have in place for them.
If you think a loved one may have left money or life insurance behind you can search for it here http://www.unclaimed.org/ at the National Association of Unclaimed Property Administrators.
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