Consumer Advocate Highlights Risk of Unclaimed Benefits in Life Insurance and Annuities
A consumer advocate has alerted state insurance regulators to a significant risk affecting life insurance policies, pensions, and individual annuity contracts. The concern centers on the potential that consumers and beneficiaries may never claim the benefits they are entitled to, resulting in providers not paying out promised benefits. This issue raises regulatory, compliance, and market performance questions for insurance products related to retirement and long-term financial planning.