While life insurance customers typically purchase coverage with their children and family in mind, a new survey indicates that many of these same loved ones aren't aware that their parents have a plan.
According to a recent study performed by rate comparison website InsuranceQuotes.com, more than 40 percent of U.S. adults whose mothers are alive don't know they have a life insurance policy. And of those who do know their moms are covered, most aren't sure what their policies include.
The poll, which was conducted on behalf of the website by Harris Interactive, found that more than one-third - 37 percent - of respondents who were 18 and above said they didn't know they were listed as beneficiaries. But even here, beneficiaries were often left in the dark, as just 38 percent said they would know how to claim the death benefits should their mom pass away.
John Egan, managing editor of InsuranceQuotes.com, said adult children should talk with their moms about these financially related issues, as difficult as it may be. Previous polls have shown that millions of dollars in death benefits go unclaimed every year because beneficiaries either aren't aware of them or aren't sure about how to collect.