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What Happens to Unclaimed Life Insurance Benefits?

Life insurance is the best way to ensure that your family will have financial security after you’re gone: the benefits that they will be able to claim will help them to pay the bills and stay afloat. But did you know that a small percentage of life insurance benefits go unclaimed by beneficiaries every year? That means that your family could miss out on money that is intended to help them after you’re gone. Find out what happens to unclaimed life insurance money and how you can avoid your beneficiaries losing out.

cartoon of a person with hands up shrugging — *Benefits go unclaimed when your loved ones are not notified of a life insurance policy you took out, or the company cannot reach the beneficiary.*

Why Life Insurance Benefits Go Unclaimed

You might be wondering how this could even happen. Well, the number one reason that life insurance benefits go unclaimed is that people will purchase a life insurance policy but forget to tell their family members that they have done so. After all, if you don’t tell your beneficiaries that you have taken out a policy on yourself, they won’t know that there will be benefits they can claim when you’re gone, meaning they’ll miss out on the money meant for them.

The number two reason life insurance benefits go unclaimed? Family members can also forget that their loved ones have a life insurance policy after they’ve passed, which means it’s important that you keep all of your information regarding your policy easily accessible to your beneficiaries.

What Happens if Your Benefits Go Unclaimed?

The good news is that your life insurance company will typically try to contact your beneficiary if they have not claimed their benefits within a certain amount of time after your passing. But if they can’t reach them, they will follow the legal requirements and turn over the unclaimed insurance money to the state.

Making Sure Your Family Gets Their Benefits

illustration of documents folder with paper in it — *Make sure your family has your life insurance documents so they are aware and can claim benefits when the time comes.*

Insurers will usually try to get your benefits into the right hands, so the best thing you can do to help them do so is to make sure you name a beneficiary, remember to change your beneficiary if necessary, and keep information on how to reach your beneficiary current at all times. In addition, don’t forget to give your beneficiary a copy of your policy, so they will know exactly how to access their benefits when you are gone.

Finding A Great Life Insurance Policy

Your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

4 Surprising Things That Cost the Same as Life Insurance

A lot of people think life insurance is a big expense, which is probably one of the main reasons that they choose not to buy a policy, or even to look into getting one. If that’s what you’re thinking, you might be surprised to know that life insurance is not nearly as expensive as you think. In fact, in some cases, the price of monthly premium payment is the same as the cost of a meal at a restaurant! So, while it might be tempting to forgo life insurance to try and save some money in the short-term, you could end up costing your family their financial security in the long-term.

In order to help convince you, we’ve given you a list of some things that cost the same as life insurance, or even more, so you can see how easily a policy can fit into your budget.

Before we get into the list, we wanted to make it clear that we’re looking at the price of a life insurance policy for a healthy 30-year-old, so the rate for your policy can vary. But for our hypothetical customer, they could get a $250,000 policy for around $13 a month. Yes, $13! So what else costs around the same as the average policy?

A bottle of wine– Do you enjoy a glass of wine with dinner now and again? Understandable, but this can cost the same as a whole month’s premium for a life insurance policy!
Online fitness classes– Staying fit is important, and can even help lower your monthly life insurance premiums- but either way, a monthly subscription plan might cost just as much or more than your premium payments.
Fast food meals– We all enjoy our little guilty pleasure of a fast-food burger or meal once in a while, so why not treat your family to a life insurance policy?
Music streaming plans– Jamming out when having a get-together, in the car, or while working out can help bring a little more joy into your life, but the cost of a subscription to a music streaming service can be the same as the price to protect your family in the future.

These four everyday things can all cost around $13, and bring you a little bit of pleasure, guilty or otherwise. And we get it, you’ve wanted these things, especially during the pandemic. But do you ever stop and think about these little expenses? Probably not, so now think about what you could give your family in the long run by paying the same amount for a life insurance policy!

Budget For Both

illustration of a calculator and money — *There is a way to incorporate life insurance into your budget because it is inexpensive.*

The little pleasures in life are important, and there’s no shame in that at all. But we know that your family’s welfare is always on your mind, and now you know that protecting them for a low price is possible! You can budget for both: your little pleasures, and life insurance for your family. There are so many different life insurance policies to choose from that there is definitely one to fit your budget. For example, do you want life insurance to only cover a major expense like your mortgage? Then go with a term life insurance policy. Looking for something that will last for your whole lifetime? Then a permanent or whole life insurance policy will be best.

Your family has financial obligations that will not go away when you are gone; they will need your help more than ever with their expenses, and the last thing you want them to worry about is money while they are grieving. There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Life Insurance For People With Epilepsy

Did you know that 1 in 26 Americans will develop epilepsy during their lifetime? This condition can have a big effect on your life – it can even affect your life insurance policy. Like any medical condition, epilepsy can make getting a life insurance policy a little more complicated, because life insurance companies will flag the condition as a possible problem. With that being said, it’s still possible to get a great policy if you’re living with epilepsy; life insurance companies rate conditions differently, meaning you just need to do some shopping around. Find out how you can qualify for an affordable policy, and how much coverage you can get.

Epilepsy Explained

brain silhouette with a red lightning bolt through it — *Epilepsy often develops during childhood, but seizures can happen at any stage of life.*

Epilepsy is a condition that affects the brain, causing seizures, which are the result of excessive electrical discharges in a group of brain cells. Seizures can last up to several minutes and can vary from the briefest lapses of attention to mild muscle jerks to severe and prolonged convulsions. Seizures can also vary in frequency, from less than one per year to several per day.

Epilepsy often develops during childhood, but seizures can happen at any stage of life. It can be caused by strokes, brain tumors, genetic disorders, or injuries, but for two-thirds of patients, the cause is not known.

People with epilepsy can live long and normal lives with a few seizures that are not harmful, especially since there is a medication that can control seizures. It is estimated that up to 70% of people living with epilepsy could live seizure-free if properly diagnosed and treated. But some people can struggle with daily activities, like driving a car, and can have a higher risk of death.

Life Insurance & Epilepsy

Unfortunately, epilepsy is a condition that can impact your life insurance eligibility and rates. This is because, for some people who have more serious cases of epilepsy, the condition can affect life expectancy. It is still possible, though, to find a great life insurance policy, as long as you provide accurate and honest information about your condition to your life insurance company.

Your insurer will have some questions during your medical exam that you should answer truthfully, with information such as:

Your epilepsy diagnosis, including type and cause, if known
When you were diagnosed with epilepsy (more recent diagnoses can sometimes earn you a better rating)
How often you have seizures, and their severity
Any medications you take, or other treatments you’ve received for epilepsy, such as surgery
Epilepsy complications or other health issues

What Kind Of Policy Will Work Best For You?

If you have seizures less than once a year, a permanent term life insurance policy will probably be the most beneficial to you and your family. On the other hand, if you experience seizures quite often, typically two or more times a year, you can opt for a life insurance policy that does not require a medical exam. You have options!

Can I Leave My Life Insurance Benefits to My Pet?

What do you think about when you hear “life insurance”? You probably think about purchasing a policy so you can make sure that your spouse, children, or other loved ones can be financially secure after you are gone. But maybe you have another idea of who you’d like your life insurance money to take care of: perhaps you have a beloved pet you’d want taken care of in the event of your death. While pets can’t inherit money or possessions, some life insurance companies will offer you the option of setting up a trust to ensure that your pet is cared for after you’re gone.

Do You Need A Pet Trust?

If you have a pet that is expected to outlive you, you will need to make arrangements to make sure that it is taken care of after you’re gone. After all, pets are expensive: food, vet visits, etc can cost thousands of dollars a year, which could be a burden for your family or any person who will take on the responsibility of caring for your pet. If you think it will be difficult for your family members, or other designated caregiver, to take on these expenses, you should consider talking to a life insurance company about setting up a trust that will pay out benefits to them for the care of your pet.

Types of Pet Trusts

There are three different kinds of pet trusts that you can choose from, each with its own limits and considerations:

Traditional Pet Trust– With this type of trust, you will name a caregiver for your pet, and give specific instructions on how to take care of your pet. The trust will also designate a separate trustee who will be responsible for managing the money in the trust.
Statutory Pet Trust- With this kind of trust, you will not have the option to give specific instructions for how you want your pet to be cared for. Instead, there will be a designated lump sum of money set aside for your pet that the caregiver will use to care for it, as well as a second person to oversee the funds.
Pet Protection Agreement- This is a legally binding contract that is signed by you and your pet’s future caregiver, but it is not ideal for transferring large sums of money.

Finding An Affordable Policy

Your pet is your companion and best friend, and losing you will be hard enough on them. If you want to make sure your pet is taken care of when you pass, you can consider a life insurance policy that designates someone to take care of your pet, and leaves them the money necessary to do so.

There are many great affordable life insurance options to choose from that will provide enough money for your family, for a low monthly price. The best way to find the right life insurance policy for you and your specific needs is by working with an agent who specializes in life insurance. We have provided the top life insurance companies in the nation below; each offers hassle-free assistance and the most competitive rates. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Do Men Pay More for Life Insurance?

It is no secret that, on average, women live longer than men do. In fact, women’s life spans are almost 8% longer on average than men’s life spans. So does this make a difference when it comes to buying life insurance? In general, yes: life insurance companies know these stats, and typically view men as a higher risk to insure than women. So how much more can men expect to pay? And what determines their rates?

Why Men Are More of a Risk

As stated above, men usually pay more for life insurance because they are seen by life insurance companies as a higher risk to insure than women. Studies not only show that men tend to die at a younger age than women, but that they also tend to live riskier lives than women, engaging in more high-risk activities such as racing and adventure sports. These types of hobbies can mean higher rates when trying to purchase a life insurance policy.

Studies also show that men are more likely to suffer from certain health conditions, like heart disease, diabetes, stroke, and cancer. In addition, according to statistics from Mountain Ice: illustration of a man grabbing his chest

Men are nearly 10 times more likely to develop inguinal hernias than women, and five times more likely to have aortic aneurysms.
American men are more than three times more likely than women to develop kidney stones, become alcoholics, or have bladder cancer.
Men are about twice as likely to suffer from emphysema or a duodenal ulcer.
1 in 2 men are diagnosed with cancer in their lifetime, compared to 1 in 3 women.
Men are more likely to develop oral and throat cancer, as well as periodontal (gum) disease.
33% of men aged 20 and over have hypertension.
36.6% of men aged 20 and over are obese.
Men are 1.5 times more likely to die of heart disease, cancer, and respiratory disease.
Men are three to seven times more likely than women to commit suicide.
Men live on average five fewer years than women.

And not only are men more likely to develop these health conditions, but they are also less likely to visit their doctor and stay on top of their health. Consider this:

Women are 33% more likely to seek outpatient care.
The rate of non-illness care visits by women is 100% higher than that of men – this means that women are 100% more likely to visit the doctor than men!
Women ages 15-44 visit the doctor 56% more often than men in the same age category.
Men are 40% more likely to skip recommended cholesterol screenings.
57.6% of men aged 18 and over meet the federal physical activity guidelines for aerobic activity.
12% of men aged 18 and over are in fair or poor health.
Men account for 55% of the workforce but 92% of workplace deaths.

Find An Affordable Rate

These statistics might seem overwhelming, but they show why men are seen more as a risk by insurance companies. But despite all this, affordable life insurance is never out of reach! If your hobbies are not overly risky, and probably won’t get you hurt or killed, and if you live a relatively healthy lifestyle, you can find a great affordable policy. And having a life insurance policy will mean you will be able to provide your family with a financial security net in the event of your passing.

There are many different kinds of life insurance policies to choose from, including whole life insurance, term life insurance, and final expense insurance, so if you’re not sure where to begin, consider using online tools, or speaking with an agent. The right policy for you is out there! We have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

Life Insurance for People with Dementia

A diagnosis of Alzheimer’s disease or another type of dementia can be devastating for you and your family. It can be scary, and you might also be worried about the financial impact of the disease. Expenses can include nursing homes, assisted living, or even hospice care as the disease progresses, which could end up being very expensive, costing around $5,000 or more per month. Life insurance can help pay for some of these expenses, and leave your family with some money to help pay for any other medical expenses, debts, and more. But not all life insurance policies will cover medical bills that you accrue while you are alive, so if you are looking for financial help now, as well as after you pass, you should do some research on your options.

Life Insurance & Dementia

When you apply for a life insurance policy, the insurer you have chosen will ask a series of questions about your health, including your family’s health history. If your family has a history of dementia or Alzheimer’s, you should try to purchase a policy sooner rather than later, before you get to the age when developing dementia becomes more likely. And if you have already been diagnosed with Alzheimer’s or dementia, know that you can still qualify for a life insurance policy: these conditions do not disqualify you. You can still find a great life insurance policy, although you probably won’t be able to get a traditional term or permanent life insurance policy.

The types of policies available to you, if you have been diagnosed with Alzheimer’s or another form of dementia, are still excellent options that will financially protect you and your family. For example, you can qualify for a guaranteed issue life insurance policy, because these policies don’t require a medical exam, and your insurer will not ask health questions. Many people who have health conditions choose this type of policy to avoid getting denied or charged a lot for coverage. The only thing to be aware of is that these policies are generally more expensive than other policies, and won’t offer the same benefit amount, but they are better than not having any policy at all.

When Will Your Family Receive The Pay Out?

If you decide to go with a no medical exam policy, such as a guaranteed issue life insurance plan, there will be a period of time after you purchase the policy during which you will not be able to receive full benefits. If you die during that time, usually the first two to three years after you purchase the policy, your family will typically only receive the premiums that you have paid into the policy, and perhaps a little bit extra.

And if you are looking for extra cash to pay for medical expenses while you are still alive, consider adding riders to your policy. Terminal illness riders and living benefit riders can give you some extra protection and money to help pay the bills during this hard time. These riders will provide you the money to pay for any medical expenses, and your family will still receive life insurance death benefits after you pass, so they can pay off any debts and pay for your funeral expenses.

Find An Affordable Policy

We understand the need to protect and provide for your family. Even if you are diagnosed with a debilitating disease, you can still provide them with a financial safety net, and even help ease the burden of the medical expenses that will inevitably build up. We have provided the top insurance companies that offer life insurance policies below; each can give you hassle-free assistance and the most competitive rates in the nation. Always check multiple sites to make sure you have bargaining power and know the advantages of each company. Make sure a hard time isn’t made harder by a financial burden, check life insurance rates today.

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