Tag: claim payouts

Insurance Debt and Unclaimed Policy Payouts

Insurance Debt Issues

Nowadays, it’s hardly possible to manage anything without an insurance policy of some kind. Even if we don’t want to insure anything sometimes circumstances force us to do so. Insurance really is very important but it does need to be managed correctly. There are many who can’t afford insurance so as a result, are forced to take a debt. This kind of debt involves pretty good sums of money and it’s hard to pay back such a debt.

It really involves any kind of insurance claim you can think of. Professional liability insurance, health insurance, motor insurance, property insurance and so on. Quite simply, lower income people really have no way they can afford insurance for themselves and their families. They then have no alternative but to take an insurance loan and, as a result, incur debt. Most often, it’s usually health insurance debt. Many people have a hard time paying back their insurance loan and they have to turn for help to some debt services.

Such services provide different kinds of assistance concerning the management of the debt. They can provide insurance debt collection or they may offer special services for extremely poor families. Such families may even get debt relief or a debt settlement. If you can’t afford insurance and are forced to take an insurance loan, don’t worry about paying the debt. Just remember that there are some options that can help you settle things.

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Unclaimed Insurance Issues

The total amount of unclaimed insurance payouts is growing every year. This it the main focus of a good part of the spam letters being produced by international scam artists these days. Unclaimed insurance funds and other would-be freebies are on the minds of many people because of it. Unclaimed insurance policies and the payouts associated with them, however, are not making any profit. There are ‘dead’ in some sense from the financial point of view.If anything, they may be accumulating interest for the insuance company and hsareholders themselves while in limbo.

Generally speaking, about a half of life insurance payouts are left unclaimed. It’s the family members’ responsibility to advise the insurer about their rights as a beneficiary should a claim arise. Of course, none of the insurance companies are interested in saying good-buy to the money so they’re not in a big rush to find payees. Needless to say, in most cases like mentioned above, there also is no secondary beneficiary established in a formal, documentary way either.

In order to avoid such situations, it is necessary to remember to update one’s will and leave some explicit directions to the insurance company for these cases, when the policyholder dies.