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Forethought Burial Insurance - Unclaimed Policy Benefits Search |
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Forethought Burial Insurance - Unclaimed Policy Benefits Search |
Forethought Life Insurance Settlement for Missing Beneficiaries and Lost Heirs |
Forethought Death Insurance ClaimsEstimates are $2.4 billion dollars in death benefits owed beneficiaries and heirs of deceased life insurance policyholders goes unclaimed each year.Heirs of deceased policyholders and annuity owners may be entitled to receive compensation arising from a 2012 legal settlement between states and a number of underwriters. Unclaimed property audits undertaken by a number of statesrevealed many major life insurance companies failed to pay death benefits to beneficiaries, despite having confirmation policyholders were deceased. Additionally, some companies continued charging premiums, deducting payments from the policies' cash reserves until depleted, at which time the policy would be cancelled.Insurance Companies participating in the Global Life Insurance Settlement include: AIG, Allianz, Aviva, Forethought, Genworth, Hartford, ING, John Hancock, Lincoln National, MetLife, Midland National, Nationwide, New York Life, Northwest Mutual, Pacific Life, Prudential, Symetra, TIAA-CREF, Transamerica and Western & Southern. Forethought : Forethought provided so-called End-of-life or Death Insurance; funeral plans that are funded by life insurance, marketed through funeral planners.Under the agreement {Forethought Life Insurance Claims Settlement} the company will make payment of unclaimed benefits owed beneficiaries of deceased policyholders, including approximately $25 million to California beneficiaries. It also agreed to adopt strict business reforms to ensure prompt payment of policy benefits going forward.
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