Life insurance does it helps !!

Life insurance will not only help family afterwards his/her death, it is additionally helps back when he/she lives. It is a duty of every chief earner to guard the family members for adverse circumstances. Thus it proves to be  an essential. There are assorted types of activity allowance behavior are available. Among them the majors are, accomplished whole life policy, Joint Life Policy, Group Policy, Endowment Policy, Pension Plan or Annuities, Unit Linked Insurance Plan, Loan Cover Term Assurance Policy, Term Life Policy and Money-back Policy.Finding affordable, low cost, or cheap life does not accept to be difficult. Insurers for the best allotment accept readily accessible systems area you can artlessly get quotes and rates, again compare.

What happens if no one ever reports the death to the insurance company ?
If the person insured dies and the company is not able to get the report of his/her death then the policy will be lapsed but it is unfair as the person who had saved and paid for his whole life for the benefit of his family members and those persons are not getting the benefit well what companies do then.

Companies sends the letter to the insured persons and ask them to pay for premiums but how can a dead pay the premium so beneficiary have to stand up and give the report to the company about his death but if he is not able to do so due to any reason then there is a second way out.In some cases when a beneficiary fails to claim a death benefit for several years and for any reason, the money is transferred to the state where the policy was purchased under the escheat laws.The company is abide to turn the full death benefit over to the state comptroller's department within three to five years of the insured's death.That money is considered as "unclaimed property" and gets deposited with the banks and uncollected rent deposits. The comptroller's department maintains a database that lists the names and addresses of lost life insurance beneficiaries.

But you have to keep in mind that your chances of getting the policy with the state are very few as the insurance company has under no obligation to hand over the money to the state if it is unaware of the fact that the insured person is no more. In most cases, it's the beneficiary who contacts the insurance company.Unclaimed death benefits are very rarely transferred to the state.