What if you suddenly found yourself on the receiving end of a windfall? What if years ago, a relative died and no one knew about the insurance policy that was left behind for you?
When people think about life insurance, top of mind would be the most important things: provide money for loved ones upon death, defray costs in the event of a medical emergency or illness. While those are all true and cover the most important uses of life insurance, what if those were already covered and now you are the unexpected recipient of a large amount of money. Beyond the basics, this insurance claim can give you financial wiggle room for your needs and wants.
Here are five other ways you can spend your insurance claims:
You can choose from a variety of products depending on your need – whether it’s for protection from life’s many risks or something which will help you grow your money long term such as investing it in bonds, you can never go wrong with an insurance policy.
Find out if you have benefits to claim
Do you think you have benefits to claim? AIA Philippines (formerly AIA Philam Life) recently announced its search for thousands of policyholders who have unclaimed benefits which range from policy maturities, reinstatements, claims, redemptions, and even refunds. Despite fervent efforts to contact its customers through registered mail, email, callouts, and their agents, there is still a huge number who have yet to be reached.
“We hope to reach customers–those who we have lost touch with amid changes in communications technology and who have bought their policies under our former brand, Philam Life,” shared AIA Philippines Chief Operating Officer Geegee Lopez. “We are doing this because we have a promise that goes beyond passively responding when our customers make a claim. The promise of helping our customers live healthier, longer, better lives includes making sure these hard-earned benefits get to the intended recipients. We’re asking for everyone’s help in finding our customers or their beneficiaries so we can give them their benefits.”
You can quickly check if you have unclaimed benefits via https://bit.ly/AIAPH_CheckYourMoney. Simply input the policy owner or beneficiary details and wait for a notification of policy verification.