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Over 25% of Life Insurance Policies are Never Paid Upon Death Due to No Notification
WeRemember.org has designed a system to contact relatives and others upon the event of your death. WeRemember.org allows the individual to privately leave details as to location of a will and other instructions including who to notify.
TAMPA, FL, June 04, 2010 /24-7PressRelease/ -- When a love one dies the people they leave behind are overcome with grief. The family of the deceased not only has to deal with losing a family member but they also have to deal with the funeral arrangements. There are a lot of aspects the loved ones must deal with such as what to do with their possessions, bank accounts, pets, etc. most people are unaware that their loved ones might have a life policy or some other asset.
Paul Doggett, Executive Vice President of WeRemember.org, provides a service to help alleviate some of that stress.
WeRemember.org is a service that stores basic information regarding policies, investments and the contact information of all beneficiaries. The database is to assure the beneficiaries of a life insurance policy are notified. Many life insurance policies are unclaimed every year. Most people do not know whether a parent, sibling, and other relatives have a life insurance policy. If they do know about the insurance policy, they probably do not know the company name, policy number and all the necessary information.
According to Doggett, WeRemember.org was inspired by one of the founders' personal experiences. Joe Palmer, President and co-founder, had a relative who died (grandfather) in a plane crash but nobody knew if he had a Will. Through the process the family became separated because of lawsuits within the family.
Another reason the database was created was because Tej Shah and Joe Palmer learned through a life insurance training seminar that the policy issuer is not obligated to inform the beneficiaries of their inheritance.
According to an article by Frank Darras, founder of DarrasLaw and expert of 'Protecting Your Assets'. one-quarter even one-third of life insurance policies go unclaimed because the beneficiaries do not know the policy exists. The number of unclaimed insurance policies is astounding because the policy could provide much needed monetary to help to those relatives left behind.
Doggett said WeRemember.org is very easy to manage and takes a few minutes to sign up. It provides privacy and can be updated as frequent as necessary while keeping your wishes confidential.
"The families do not know if the beneficiaries were changed, nobody needs to know because all the information is private," said Doggett.
Doggett believes WeRemember.org is a unique service that is designed to keep the families protected and keep insurance companies honest. He said there are three main benefits to their service:
1-Peace of mind, Weremember.org provides a helping hand to the families in their time of need and guides them through the process.
2- Keeping all information private, many assets go unclaimed because families do not talk about death because it's a morbid topic. All the information remains private to the family until the passing of the loved one. The wishes of the deceased are shared with those designated.
3- Organization, all important information is stored in one place and the information can be updated as many times as necessary.
For a onetime charge, WeRemember.org will store your beneficiary information, notify once they verify of your passing, and contact the beneficiaries and if desired assist them through the process.
Rod Maxson of Boca Raton, signed up at WeRemember.org because he experienced firsthand an unclaimed 13 year-old policy. Maxson's wife's father died about 13 year ago and they did not know he had a life insurance policy.
"About one year ago my wife's mother mentioned that her father had life insurance policies, we could have used the money 13 years ago to help with the hardships" said Maxson.
Maxson said he signed up with his wife because he wants to prevent this situation from happening to his friends and family. .
WeRemember.org 's goal is to create a difference in loved ones lives in coping with the passing of a family member.
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