It’s only a disgrace that cash owed to some beneficiaries of misplaced insurance coverage insurance policies by no means get to them throughout their lifetimes. I spoke with some representatives of insurance coverage corporations, to see what number of, every day, get telephone calls from the general public, asking them to go looking their database for insurance coverage insurance policies. I had one firm say 100’s a day. I had one other firm inform me 1000’s a day they usually even elaborated that it was a complete waste of the buyer’s time in addition to assets and man energy of his firm. He stated that they may by no means discover it in the event that they have no idea which firm their cherished one purchased it from. Effectively, I took this chance to elucidate the necessity of a central life insurance coverage database to him; telling him that it’s a secure and a a lot wanted service. He listened to me for round 10 minutes whereas I defined the numerous advantages a central database might should his insurance coverage clients. Even with him telling me that it was a waste of time for anybody calling his firm, he didn’t need something to do with the considered a database. He flatly instructed me that he didn’t really feel a database was a profit to his clients, I used to be stunned.

Now as a insurance coverage agent myself, I took offense to this remark. Is not it the accountability of the agent (whatever the firm they work for) to do what’s greatest for the shopper? Do not you suppose that registering anybody with life insurance coverage on a central database so their beneficiaries can find the corporate title is one of the best factor for the shopper? Effectively I do. Not solely does a database permit a person to register the corporate title they’ve insurance coverage with, it permits the beneficiary with certainty to seek out the coverage you have got in place. All a person would wish, to discover a life insurance coverage coverage, is the corporate title. Since there are over 2000 life insurance coverage corporations in the USA alone, having the corporate title on a central database will remedy a significant drawback that will get acknowledged solely when it’s too late; misplaced life insurance coverage insurance policies. Hopefully customers of life insurance coverage will even acknowledge the necessity and purchase it from brokers and businesses that supply to register on a free central database. It’s positively one thing to consider.