Random Thoughts

Thoughts while shaving

by Jim Tierney

Like most people, you probably have a life insurance policy with your “personal
records” to be available at the appropriate time. The appropriate time may be when
you’re suddenly no longer here and the person handling your affairs has no knowledge
of the insurance policy, because YOU are the only one who knows it exists and its
whereabouts. This applies to other finances as well.  All too often, life insurance
death benefits are not paid because the insured doesn’t make someone else aware of the
policy’s existence, especially the beneficiary. This can be embarrassing for the
family making funeral arrangements and not having sufficient funds to pay final
expenses and, perhaps, being personally responsible to pay. Some life insurance
policies that had lapsed for nonpayment of the premium, may still have extended term
insurance coverage from cash values or they may be paid up policies. If you have an
old policy that you think is worthless, check it out. It may STILL have a death
benefit payable for the total face value. I had a personal experience of checking on
an old policy of a relative who died. The family stopped paying premiums and thought
it had no value. The company paid a claim of $5000. Like me, YOU may anticipate being
the one responsible for final arrangements for someone. If so, get as much information
as possible on last wishes and financial matters before that someone passes on. Also,
check the Abandon Property listing the State puts out periodically where old policies
with value show up eventually.

November 7,2014

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