Unclaimed Insurance Benefits
LegacyArmour strengthens your insurance plan by providing cutting-edge digital data protection assurance, against data loss or breaches, using smart encrypted vaults that deliver to recipients or beneficiaries if an event takes place.
Unclaimed life insurance benefits in the United States topped $1 Billion in 2013 and continues to grow. Unclaimed policies cost the insurance company in the form of policy delivery attempts, reporting, and government appropriation. They also deprive recipients of their benefit and diminish an insurance company’s market reputation. LegacyArmour can help reduce the residual risk by acting as a secure, intelligent, information storage and delivery service, ensuring that the right people receive the right information at the right time.
Unclaimed property costs more money than paying out a policy. Paying out a policy is a straightforward exercise, but unclaimed property means filing with government agencies, showing due diligence, sometimes working with 3rd party “finders”, and eventually accounting and transferring money to government agencies. All of this is avoided with a LegacyArmour vault.
LegacyArmour vaults are unique in that they are triggered by a life event (date, death, or incapacitation) and then they automatically reach out and contact the recipient to let them know that information is waiting for them. Why have loved ones go looking for policies when we can use technology to deliver the policies to them right when they need them the most?
By using LegacyArmour, beneficiaries are impressed with the insurer, and the insurer doesn’t waste time and money with the distraction of dealing with forfeited accounts.
Your important digital assets make for your digital legacy. That means, whatever information you have online that has sentimental or monetary value that you would like family or other people of interest to have easy access to if you were unavailable.
LegacyArmour is providing the following checklist to guide you in locating all of your digital assets. When you are done, we have provided you with vaults that allow you to upload these assets securely and only made available for access to your designated recipients based on whatever delivery trigger you choose.
1. Family Photos & Videos
2. Legal Documents
3. Health Directive Access for Emergency Services
4. A custom vault where you can also add social media accounts/instructions.
We ask that you update these assets as life changes and we will partner with you by sending reminders to do so.
When thinking about your digital legacy consider the following digital assets:
- Music, photos, or other files that you store online
- Your estate documents (Wills, Trust health directive..etc)
- Your Business critical documents
- Social networks, such as Facebook, Twitter, or LinkedIn & presence in online communities
- Email Accounts
- Blogs and licensed domain names
- Access to financial accounts or utilities.
Most of your online accounts will not pass through your will or other estate planning device because they are not your property. Social network accounts, domain name registrations, email accounts, and most other types of online accounts are “yours” by license only. When you die, the contract is over and the business that administers the account controls what happens to it.