Here’s an astounding statistic: According to the New York Times, New York has received $400,287,736 in unclaimed life insurance property since 2000 and paid out $64,772,228.
Why does so much money go unclaimed? The first problem is that someone needs to notify the insurance company that the policy holder has died. If the beneficiaries don’t know about the policy, this essential first step goes undone.
It is worth getting your affairs in order, putting your life insurance policies in with your other essential estate planning documents and advanced directives. Let your beneficiaries know where to look for your important papers (I have a folder in my file cabinet labeled “Important Papers”—simple but effective).
New York State does not need your unclaimed funds, your beneficiaries do!