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auto insurance online – State Suing Life Insurance Companies For Not Paying Beneficiaries

State Suing Life Insurance Companies For Not Paying Beneficiaries

OF THOSE STATES SO KEEP THAT IN. MIND. THANK YOU JOHN. GIVE A QUESTION YOU CAN EMAIL.

IT BY GOING TO WCCO.COM. WE PAY LIFE INSURANCE. POLICIES WITH THE EXPECTATION. THAT OUR LOVED ONES WILL.

BENEFIT WHEN WE DIE. SEVERAL COMPANIES HAVE BEEN. SUED FOR NOT PAYING. BENEFICIARIES TO THE TUNE OF.

TENS OF MILLIONS OF DOLLARS. MANY HAVE SETTLED THE EVEN MORE. COMPANIES ARE PUSHING BACK. SAYING THAT THEY SHOULD NOT.

HAVE TO PAY. JENNIFER MERRILY REPORTS ON HOW. THIS HAPPENED AND WHAT YOU CAN. DO TO PROTECT YOUR FAMILY.

Reporter: RAD HOGANS AND. ENJOYED GOING TO GO FOR DAMES. — COFER GAMES WITH HIS DAD. Reporter: HE WOULD BRING UP.

HIS WILL AND INSURANCE PAPERS. AT THE TIME WHEN YOU ARE. YOUNGER A LOT OF THAT GOES OVER. YOUR HEAD AND YOU THINK IT WILL.

COME UP LATER. Reporter: IN 2002 WHEN HIS. DAD DIED BRIDE WAS THE EXECUTOR. AND HANDLED EVERYTHING HE KNEW.

ABOUT. 10 YEARS WENT BY BEFORE HE. LEARNED HIS DAD'S LIFE. INSURANCE COMPANY OWED HIM MORE.

THAN $10,000. IT COULD'VE BEEN A MORE DIRE. SITUATION FOR US FINANCIALLY. BUT THE WEIGHT WAS OFFPUTTING.

THEY BEEN HOLDING ON TO A. GOLD MINE OF MONEY THAT BELONGS. TO BENEFICIARIES. Reporter: COMMISSIONER MIKE.

ROTHMAN OF THE MINNESOTA. DEPARTMENT OF COMMERCE WAS. OUTRAGED TO LEARN THAT. INSURANCE COMPANIES KNOWINGLY.

DID NOT PAY ON POLICIES. IT. UNCONSCIONABLE WHEN INSURANCE. COMPANY KNOWS OR POLICYHOLDER.

HAS PASSED AWAY AND THEY HAVE. KEPT THE MONEY AND USED IT FOR. AN INVESTMENT AND NOT PAID THE. BENEFICIARIES THE RIGHTFUL.

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MONEY THAT THEY ARE OWED. IN MANY CASES THE BENEFICIARY. DIDN'T KNOW ABOUT THE POLICY. Reporter: THEY NEVER.

CONTACTED THEM AND ONLY PAID. OUT IF THE BENEFICIARY FILED A. CLAIM. IT IS UNCLEAR AND NOT THEIR.

MONEY SO IT'S TANTAMOUNT TO. THEFT IN A WAY. THESE ARE THE LARGEST BRAND- NAME NATIONAL INSURANCE. COMPANIES THROUGHOUT THE UNITED.

STATES. Reporter: THE STATE SETTLED. WITH METLIFE, JOHN HANCOCK, LINCOLN, TRANSAMERICA, JACKSON. NATIONAL, NEW YORK LIFE AND
FULLY OUT.

THEY FOUND WELL OVER $200 MILLION OWED TO MINNESOTANS, SO. FAR COMPANIES HAVE PAID $143 MILLION TO BENEFICIARIES AND. ANOTHER 31 MILLION ENDED UP. WITH THE STATE AS UNCLAIMED.

PROPERTY THAT THEY COULD NOT
REACH. OTHER INSURANCE COMPANIES ARE. PUSHING BACK. THEY SAME DESHA.

SAY PEOPLE NOT MADE CLAIMS. Reporter: THE EXPERIENCE HAS. LEFT BRAD THINKING ABOUT HIS. OWN POLICIES.

I SHOULD MAKE SURE THAT MY. ACCOUNTS ARE CLEAR SO THAT MY. WIFE KNOWS WHERE MY MONEY IS. AND WHAT SHE SHOULD BE.

ADDRESSING WHEN EVENTUALLY I. PASS AWAY. Reporter: ROTHMAN SAYS THAT. SHARING INFORMATION IS YOUR.

BEST DEFENSE. IF YOU EXPECT YOUR INSURANCE. COMPANY TO PAY YOUR. BENEFICIARIES WHEN YOU DIE, THEY ARE NOT DOING THAT.

IF YOU KNOW THEY ARE NOT DOING. NOT YOU SHOULD MAKE SURE THAT. YOU GET THE INFORMATION TO YOUR. FAMILY AND KEEP THE POLICY IN A.

SAFE PLACE SO THAT IT DOES NOT..

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