The State of Minnesota is suing life insurance companies for not paying beneficiaries, seeking millions of dollars in payouts. We pay into life insurance policies to ensure that our loved ones will be taken care of when we die, but when insurance companies are keeping the proceeds to reinvest, the unconscionable behavior causes outrage. Oftentimes these insurance companies are not alerting beneficiaries to the policies, unless the beneficiary files a claim. The best way to combat these companies’ dishonesty is to share your information with loved ones and keep the information in a safe place.
See Jennifer Mayerle, State Suing Life Insurance Companies for Not Paying Beneficiaries, CBS Minnesota, May 18, 2016.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
