As the Insurancenewsnet.com reported: last year the state DFS (Division of Financial services) required local life insurance companies of New York to look for unclaimed beneficiaries. The result of this investigation was no less than $665.7 unclaimed benefits which have already been paid out.
Melody Hobson, a known financial columnist, supposes that the amount of unclaimed funds can reach $1 billion over the nation.
Now the main goal which was put before the state life insurance companies is to search 'Death Master File', identify deaths of policyholders and renew the data according with new information.
Life insurers are now responsible for identifying policyholder deaths and are making good efforts to find people so hundreds of millions of dollars in unclaimed benefits can be paid,
Andrew Cuomo, New York Gov., stated in an interview.A lot of insurers now offer their clients online services to determine if they are beneficiaries but, to say the truth, most of them don't know about it. Besides, there is no information about any other state following NY experience.
The tendency addressing Retirement Savings Incentives goes on
In some weeks the American Congress is going to improve and finish off the laws addressing retirement saving incentives. A survey shows that most households approve the attitude of government to this important question and appreciate the tax deferral which is planned by it very much.
They also oppose eliminating the tax incentives and reducing contribution limits claiming that American lawmakers should preserve the retirement plan and help the citizens get ready to their retirement well in spite of the unfavorable financial situation in the USA and the world.
The survey research demonstrates Americans' tremendous commitment to retirement savings,
said to the press Paul Schott Stevens, ICI President and CEO.