|Targeted News Service|
"The proceeds from the life insurance policies and annuities purchased by Minnesotans are expected to go to their loved ones upon their passing to provide financial security and peace of mind, not remain in the accounts of insurance companies," said Commerce Commissioner Mike Rothman. "The thorough examination conducted by the
The Settlement Agreements with
The goal of the
These settlements put in place business practices so that insurers make every effort to maintain good information to stay in touch and pay policy beneficiaries and contract owners. The settlement requires
The agreement contains other consumer-friendly changes, including: enhanced procedures to find beneficiaries when policyholders have died and compliance with
The Department expects that these settlements will result in many millions of dollars that may be owed and will be returned in the form of policy proceeds that will be paid either directly to the beneficiaries or to the state as unclaimed property if the beneficiaries cannot be located. These new policies and procedures allow the companies to identify a decedent and take affirmative steps to pay out benefits, rather than relying solely on family members or beneficiaries of policies to contact the company. Many individuals who buy life insurance do not notify their beneficiaries that that life insurance policies or annuities exist.
What should I do if I believe I have policy with
If you think you are a beneficiary of a policy held by one of these companies, or a loved one has died and you think they were insured with a policy by these companies contact the companies directly. Toll-free numbers have been established to offer assistance in claiming a policy and potential proceeds.
Prudential: (888) 850-9991
How do I know if I have a policy with
MetLife Insurance Company of
Western Reserve Life Assurance Company of
How can I avoid missing out on money I am rightfully owed?
Talk to your loved ones about any insurance policies they may have, learn who the beneficiary is listed on the policies, and contact the agent or company if you have questions.
How can I avoid a delayed payment or non-payment of insurance proceeds owed on my policies?
Make sure your insurance company has your most up-to-date information. This includes: current address, social security number, and date of birth. Check with your insurance company to make sure they have updated beneficiary information for each policy.
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