Home | How It Works | Guarantee | Privacy | Order Now | Search Unclaimed Money | Help

Florida Facing Millions in Unclaimed Life Insurance

According to the latest reports of Florida Department of Financial Services, the state has millions of dollars in unclaimed life insurance.

If the reports of Florida Department of Financial Services is to be believed, then the state holds around $355 million in unclaimed life insurance, while the total Florida unclaimed money is somewhere around $1 billion. Every year, around hundreds of millions in life insurance benefits goes unclaimed, mainly because the beneficiaries are not aware of any unclaimed money that he owns. Eventually, these benefits from life insurance are transferred to Florida unclaimed property divisions, who benefit from this money in the meantime.

According to the statistics of life insurance companies, around 80% of the total insurance policies issued by them goes unclaimed due to several reasons. Mostly the policies are not paid due to the failure of the owner to pay premiums and issuance of term life policies that finishes without death payment and lost or forgotten life insurance policies.

Moreover, many policyholders do not tell their loved ones or beneficiaries about life insurance policies, mainly to avoid any arguments in the family over beneficiary rights. After the death of the owner of policy, even if someone knows about the existence of insurance policy, they are not aware about exactly where the policy is and the insurance company that issued the policy. Many times, life insurance companies are unaware of the death of the policyholder and thus, they are not able to contact the beneficiaries that results in the waste o policy’s death benefits. In this way, millions of life insurance proceeds become Florida unclaimed money.

People, who wish to claim unclaimed life insurance, have to locate the policy. This is a challenging task as there are thousands of life insurance companies, and some have even merged, demutilized, undergone name change, or gone into receivership. The beneficiary can speak to attorneys, accountants, insurance agents, or other trusted professionals who were associated with the policyholder in the past decades, to get information about existence of unclaimed life insurance.

The government is trying to create awareness among people to locate unclaimed money and property. They suggest that claimant should check the databases owned by the state that contains the names and addresses of beneficiaries of lost life insurance policies and any other form of Florida unclaimed money.

Comments are closed.

Affiliate Program | How It Works | Guarantee | Privacy | Unclaimed Property Blog | Order Now | Media & Press Relations
Unclaimed Property Definitions | Unclaimed Money | Useful Money Links | Link To Us | State Property List | Help

Copyright © 2002 CashUnclaimed.com. All Rights Reserved. By use of this site you are specifically agreeing to
the terms of use posted on this site. You should click here to review them now.

When you perform a free trial search on CashUnclaimed.com we display the total dollar amount in unclaimed funds that we show reported by the appropriate government agencies. This does not guarantee that this money is 100% absolutely yours. What it means is that there is that total dollar amount shown by government agencies under your name and common variations of your name at the last time we had the information available to us was reported as unclaimed and is able to have a claim form submitted to be paid that amount. For more information please read our terms of use by clicking the link above.