Database for Life Insurance

Posted: Thu Oct 16, 2008 12:47 am Post Subject:

I have one of those now.



Fire resistant too!

Posted: Thu Oct 16, 2008 01:00 am Post Subject:

Actually, that is a great idea until someone comes into your house and steals it....I have also been told that it is hidden so well that no thief can find it...including the beneficiary...and if it is a safe deposit box in a bank, the 30 billion dollars in unclaimed cash is made up of the majority of Safe Deposit boxes because no one remembers where they are located or that there even is one..

So good idea but not so good of an idea. If it was that simple then the there would not be over 25% of life insurance policies that go unclaimed. And since there is around 200 million people in the United States that have life insurance (according tostats) that mean 50 million people are unclaimed. That is too huge to take risks like placing it in a safe deposit box.

Michael

Posted: Thu Oct 16, 2008 01:47 am Post Subject:

Psst.

I was kidding.

Posted: Thu Oct 16, 2008 01:52 am Post Subject:

Oops....

Posted: Thu Oct 16, 2008 01:54 am Post Subject:

No worries.

All my life insurance information is already stored online. Safe, secure, etc.

My insurance company has it stored for me.

By the way, who does your off-site data storage? I have a friend...excellent company, very inexpensive...you two should talk.

Posted: Thu Oct 16, 2008 02:10 am Post Subject:

Yes I understand that the insurance companies keep records, however, will they contact your beneficiary when you die. How do they know that you stopped paying your premiums because you passed away or simply do not want the policy anymore. See the problem is that the insurance company will not proactively seek out the beneficiary everytime someone stopped paying their premiums. They have no idea if the insured stopped paying their premiums because they have passed or if they simply do not want the policy anymore. The only way that they can do that is by calling the beneficiary and asking. We are not saying that everyone needs to be on this database, but it sure would help a lot of people and that is what we are trying to accomplish.

We have a dedicated server but I am always interested in speaking with someone for extra security. As we grow it probably would come in handy.
Please if you could email his name and number to me, I would be greatful.
Michael[at]findyourpolicy.com


Thanks Michael

system edited- link deactivated for your security

Posted: Thu Oct 16, 2008 02:25 am Post Subject:

Yes I understand that the insurance companies keep records, however, will they contact your beneficiary when you die

How do they know that you stopped paying your premiums because you passed away or simply do not want the policy anymore. See the problem is that the insurance company will not proactively seek out the beneficiary everytime someone stopped paying their premiums. They have no idea if the insured stopped paying their premiums because they have passed or if they simply do not want the policy anymore. The only way that they can do that is by calling the beneficiary and asking. We are not saying that everyone needs to be on this database, but it sure would help a lot of people and that is what we are trying to accomplish.

We have a dedicated server but I am always interested in speaking with someone for extra security. As we grow it probably would come in handy.
Please if you could email his name and number to me, I would be greatful.
Michael@findyourpolicy.com

Thanks Michae

Posted: Thu Oct 16, 2008 03:11 am Post Subject:

Quote:
"Usually, and yes, I know it isn't always the case but...usually the beneficiary knows when that person dies."


The problem isn't if the beneficiary knows when the insured dies, it is if the insurance company knows when the insured dies. The only way the insurance company knows when someone dies is if someone tells them. If the beneficiary does not know where the insured had life insurance, there is no way the insurance company will know if the insured person passed away. There is no National or Statewide or Government Database that the beneficiary can go to to find if an insured person has life insurance. So we are building this database everyday and our goal is to include everyone that is concerned that their Life Insurance company name can be found.
You are correct in saying that the insurance company will send a notice of lapse premiums but these days people move and do not update their new address with the insurance company. Also, if the insured is billed yearly or semi annually, the bill or notice could possibly never reach the persons resident in time.
The only thing someone ever needs to find someones life insurance is a company name. This gives a beneficiary a direction on where to start looking for someones policy. All our database will store is the name of an insured and the company name that they have life insurance with. We never ask for a social security number, policy number or account number. It is not needed to give a direction to the beneficiary. When someone searches our database for a loved ones life insurance they will simply find the company name that they have listed. They can then go to that company and find the policy information after proving who they are. We are a central database for anyone to list this information for free. This way the beneficiaries looking will only be able to retrieve the company name that is listed. We are trying to assist the consumer to benefit from their loved ones hard work paying premiums of Life Insurance.
It just frustrates me that so many Life Insurance policies go unclaimed due to the beneficiaries not remembering the company name that was told to them by their loved one. If there was a central database for them to search it would solve a lot of heartache. This is what we are trying to accomplish.
We will not contact the beneficiary when the insured dies, because we do not know when someone passes away either. There really is no way of knowing unless someone tells us also. We do offer a paid service that sends a physical post card in the mail yearly to the beneficiaries that the insured lists informing them that the company name that they have insurance with is listed on our websites database. Searching for people is free. To be found on our database they must be registered so it is a database that is building everyday.

Sorry for the long explanation and I really appreciate the comments and questions.

Michael
FindYourPolicy.com

Posted: Thu Oct 16, 2008 11:48 am Post Subject:

Michael I think you are on to something and FREE, always sounds good, when you're up and running let us know and I'll certainly sign up.

Posted: Fri Oct 17, 2008 12:13 am Post Subject:

sounds like a plan.