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Chuks Udo Okonta
Huge unclaimed funds running into million of dollars are in the custody of insurers unknown to beneficiaries, because the policyholders didn’t inform their family members of the insurance policies.
These unclaimed funds usually are from life policies, which are contributed over a long period.
To address this issue, the insurance industry regulator – National Insurance Commission (NAICOM) has advised insurance companies to regularly make public this funds through publications in daily newspapers.
Even as insurance companies publish these unclaimed funds, it is very important you as a policyholder, inform your family members of all your insurance undertakings and also let them know where the policy documents are kept.
Why you should inform your family
* Death
As you can never tell when and how you would die, therefore, let your family members be fully aware of your policies.
* Impasse
Discussing your policies with families members would help forestall impasse that would have arise among family members after your demise.
* Claims
Having knowledge about your policies would help your family members in the claims process, as they know what to do and where to go for the claims.
* Education
Discussing your policies with family members would help expose them to the benefits of insurance and how they could leverage it to manage their risks.
Do let other people use your hard earned fund, without any benefit to your family. Inform your family of all investments in insurance today.
