Buying life insurance policy is enough? Think again.

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Image source: http://www.legalcybertips.com/images/Beneficiaries-And-Unclaimed-Life-Insurance-Policies.jpg

Many of us buy life insurance policies because we believe that it will make lives of our near &  dear ones a bit comfortable in our absence. It will take care of mortgage and give them much needed financial security – if we are not around.  But how often this money reaches to the right people?  How much money is locked in the insurance firms or drown under the pile of information?

Like you, I used to think that money always reaches to the right hands. However, when I looked around, that was not the case.

As per the unclaimed assets website, there are £2 billion worth of unclaimed policies in the UK alone. As per this article in Yahoo Finance, 1 out of every 600 people is the beneficiary of an unclaimed insurance policy.

One of the main reason for these unclaimed assets is – Information loss. Often, policy holder forgets to update beneficiaries about the various insurances they might have. Not only that, family members forget about the insurance policies due to its long term nature. For many people, this information (Policy papers, numbers etc) can also be lost as a result of natural calamities, fire, theft or other such accidents.

In the case of Mary Lou Sowa, she did not have information about all the policies held by her father. The insurance firms also did not give information about additional policies. She was lucky to receive a check a decade later but not all are as fortunate as Mary.

All these incidents highlights the importance of transferring the information to the right people at right time. I would not want my hard earned money to lie unclaimed with insurance companies.

Having an insurance policy is the essential thing to do, but it’s not enough. It is important to plan and ensure that benefit of the policies reaches to the right people at right time. We created Planned Departure to ensure that you can safe guard and distribute important information to the  right people at the right time – so that they can be benefited by your good planning,

Author: Planned Departure

Living and working in this digital era, our social media accounts – from Facebook, Twitter, Flickr to the likes of Pinterest – are increasing not only in number but also in volume. Additionally, many of us have domain names registered and libraries of movies, digital music and e-Books that can be of significant value. And let's not forget about Bitcoin and other virtual currencies! For the majority of us, these accounts and digital assets are likely to outlive us. And when we die, it is left up to family members and estate executors to sift through them all. Furthermore, even though they may have all the required passwords necessary for these accounts, many heirs will discover that they have no clear authority to access, or even to manage, the online accounts of their deceased loved ones. With the value of individuals' digital assets globally measured in the hundreds of billions of dollars, planning for the protection of our digital assets has moved to centre stage. It is essential that our online and social media accounts are included as part of the estate planning process. Failure to do so may not only deprive those we leave behind of fond memories and (possibly) a little nest egg, it could also leave us vulnerable to postmortem identity theft if fraudsters get to use our personal details to apply for credit facilities whilst our accounts remain unguarded. Planned Departure resolves these issues. We provide you with the ability not only to protect your digital assets, but also to clearly indicate who can access your online accounts and who should benefit from them. Create piece of mind today by registering with us in one quick and easy process.

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