If you had a relative who lived in Ohio, perhaps they left you some life insurance money that you didn’t know about. The easiest starting point is to type in your name in Ohio’s Division of Unclaimed Funds.
A life insurance carrier may have unclaimed money where they don’t know the policyholder has died or cannot locate the beneficiaries. Ohio’s Department of Insurance has a program to help find missing life insurance policies. Ohioans with questions on life insurance may call their toll free consumer hotline (800) 686-1526.
If you currently own a life insurance policy, don’t let this happen to your beneficiaries. Update your beneficiary information with your carrier. Make sure your life insurance policy or policy information is easily available in your personal papers.
Contact your life insurance agent or broker. If you cannot locate your agent, you may choose another agent of record. It is very much in your best interest to have an agent make sure your claim gets paid. It is also in your best interest to have an agent review your life insurance policy to see how it’s done over time.
Term life insurance policies will eventually run out, a level premium anyway, but you may still have a conversion option to permanent life insurance and this does not require a health evaluation.
With permanent life insurance, whole life or universal life, you may be able to save thousands of dollars. Permanent policies with cash value can often be replaced for more coverage or for less premium, if your health is still reasonably good. You may be able to spend down your cash value instead of paying premiums towards the end of your life. With whole life policies where dividends exceed premiums, you may no longer be required to pay premiums to maintain your policy’s death benefit.
Life Insurance Policy Locator Service: NAIC: National Association of Insurance Commissioners
Please contact me. I will be glad to assist you in your policy review.