Ok, ok...we know checking your insurance policy doesn't exactly sound like fun, but this simple tip can mean the difference between your loved ones receiving your insurance payout vs. them never seeing a dime.

If the following statistics don't scare you into action, we don't know what will!

It's hard to get an exact amount, but it's estimated that banks, insurance companies, state governments and others are sitting on $400 Billion--with a "B"--dollars in unpaid life insurance payouts.

Hold on...this one is even scarier.  Approximately 25% of all life insurance proceeds aren't paid out to the rightful beneficiaries.  Yikes!

So today's smart money move is simple...take a look at the beneficiary on your life insurance policy and ask yourself two things:

1.  Is this still the person I want to list as my beneficiary?

2.  Have I told this person they are the beneficiary of this policy and told them where they can find the policy?

If the answer to question #1 is "no," contact your life insurance company and change your beneficiary right now.

As for question #2, it is a amazing how many people forget to tell their loved ones that they are the beneficiary of their policy.  If you haven't already done so, pick up that phone or grab your loved one and tell them about the policy and where they can find the information they will need to collect the proceeds when you are gone!

More Life Insurance Money News You Can Use:

• Save 25% On Your Life Insurance Premiums
• The Truth About Life Insurance
• Should You Keep Your Whole Life Insurance Policy?

Read More In: Estate Planning Insurance