States have laws stipulating that the government becomes the owner of abandoned property after a period of time.
Billions of dollars in unclaimed life insurance benefits are at the center of a legal wrestling match as cash-strapped state governments step up their efforts to make sure insurance companies properly account for the funds.
Consumers have had troubles keeping up paying their premiums during the economic downturn.
The percentage of U.S. households with life insurance coverage is at its lowest in 50 years, leaving millions of families without a safety net, industry experts say.Only 44% of households have an individual life insurance policy, and 30% have no individual or employer-provided life insurance, according to a recent survey by LIMRA, an industry-sponsored group. Some 11 million households with children younger than 18 — viewed as families with the greatest need for coverage — have no life insurance.
Continue reading… “Percentage of Families with Life Insurance is at It’s Lowest in 50 Years”