Have you ever lost a loved one? If you have, you know at this time you are grieving and you want to be with family and friends. You spend this time remembering this person and all the good times you spent together. You may also experience depression as you deal with this difficult loss.
Unfortunately, while you’re going through this trauma, you now have to put this person’s life in order. In fact, on average, over 100 tasks need to be completed after someone dies, from finding and closing bank accounts, credit cards, dealing with social security benefits, claiming life insurance proceeds, and much more. Many complications and problems can occur. We are working with a family whose father had been paying on a life insurance policy for 20 years. As he grew older, he became forgetful and did not remember to pay the annual premium. He died 3 months later and the family lost out on $350,000 in life insurance benefits!
These situations happen all the time. Right now the treasuries of all 50 states are holding $69 Billion in unclaimed assets, mostly from unclaimed bank accounts that families members were not aware when a loved one passed.
This has a huge impact on employers as the employee must now devote a significant amount of time and energy to deal with all these issues in addition to the sadness they are feeling. Financial institutions also end up devoting a lot of time and energy and employ whole departments dedicated to dealing with end of life issues. Many of these problems could be solved and minimized by a small amount of planning in advance. Employees and banking clients who have taken steps in advance will end up saving their families thousands of dollars and hundreds of hours, all during this time of extreme grief.
Of course nobody likes to think about death and many people will put this off until it’s too late. That is human nature. However, as an employer or a financial institution who holds a trusted relationship, you can create a very positive change for your employees and clients that not only helps them but makes financial sense for you!
Remember the family I mentioned above who lost out on the $350,000 life insurance policy? That was my family. I am on a mission to make sure this doesn’t happen again to anybody else.