The Lost and Found of Missing Money
Major insurance companies are in hot water, and in some states under investigation, for allegedly trying to make it harder for beneficiaries to realize they have money coming their way.
At issue is the claim that insurance companies are keeping tabs on the Social Security Administration's database of the deceased to stop payment on annuity products. But even with that data on hand they are failing to use it to reach out to beneficiaries of life insurance policies and may even start deducting unpaid premiums from the accrued value.
Last month, New York Attorney General Eric T. Schneiderman subpoenaed New York Life, AXA, TIAA-CREF, Manulife, Genworth (GNW), Guardian Life Insurance (MFC), MassMutual Financial Group, MetLife (MET) and Prudential (PRU) as part of its investigation into the matter. Thirty-five other states have launched similar efforts.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV