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New York Life Insurance - Unclaimed Policy Benefits Search |
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New York Life Insurance - Unclaimed Policy Benefits Search |
New York Life Insurance Settlement for Missing Beneficiaries and Lost Heirs |
New York Life Insurance ClaimsEstimates are $2.4 billion dollars in death benefits owed beneficiaries and heirs of deceased life insurance policyholders goes unclaimed each year.Heirs of deceased policyholders and annuity owners may be entitled to receive compensation arising from a 2012 legal settlement between states and a number of underwriters. Unclaimed property audits undertaken by a number of statesrevealed many major life insurance companies failed to pay death benefits to beneficiaries, despite having confirmation policyholders were deceased. Additionally, some companies continued charging premiums, deducting payments from the policies' cash reserves until depleted, at which time the policy would be cancelled.Insurance Companies participating in the Global Life Insurance Settlement include: AIG, Allianz, Aviva, Forethought, Genworth, Hartford, ING, John Hancock, Lincoln National, MetLife, Midland National, Nationwide, New York Life, Northwest Mutual, Pacific Life, Prudential, Symetra, TIAA-CREF, Transamerica and Western & Southern. New York Life : New York Life companies include: New York Life Insurance Company; New York Life Insurance and Annuity Company; and New York Life Insurance Company of Arizona.Under the agreement {New York Life Insurance Claims Settlement} New York Life agreed to restore the full value of impacted accounts dating back to 1995, and pay policy beneficiaries 3% compounded interest on the value from 1995 or the date of the owner’s death, whichever is later. New York Life further agreed to reform its business practices to ensure life insurance, annuity, and retained asset account benefits are promptly paid going forward. In the event New York Life finds a policyholder is deceased and no contact with a beneficiary has been established established, the company will remit the policy proceeds to a government custodian, where they will be held available to be reclaimed in the future.
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