Some Life Insurers Not Locating Beneficiaries

From Clark Howard's show notes:

John Hancock has reached a settlement with 22 states for failing to contact beneficiaries after policyholders pass away. The respected insurer was allegedly using the money for itself instead.
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Because of the settlement, John Hancock will now be required to do a state records search of deaths if they suspect a policyholder is deceased. That's a very simple step.

Of course it's easier for everyone if the life insurance policy owners inform the beneficiaries about the policies before their deaths. Clark recommends that you put together a list of assets updated each year for your wife and/or family members.