Lost Life Insurance Policies

In Life Insurance, Probate by Tarleton

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The Problem.    Unfortunately, it is not uncommon for life insurance policies to be purchased by young adults who then bury the policy documents in a file drawer but keep paying premiums every year.  Even though the policy is usually bought to provide a safety net for young children, when the children become adults the parents may never fully inform the children about the policies that may still exist.   In addition to uninformed family members, an added problem is that some life insurers have historically not been proactive about pursuing payment of death benefits to beneficiaries.   In 2016, 60 Minutes aired a story covering the audits of dozens of large insurance companies who agreed to pay more than $7.5 billion in back death benefits …