Information on Deceased Life Insurance Policies

If you need to know information about a deceased person's life insurance, it may be as simple as calling the agent who sold the policy. Much of the time, however, it just is not that simple. Often executors of the estate, children or relatives find old policies in the insured's home after his death. They don't know whether the policy is still in effect, whether the company is still in business or who the beneficiary ultimately was. In these cases, getting information on a deceased person's life insurance policies is a bit trickier and takes more time, but it is worth the effort.

History

If the policy is old, the company might not be in business any longer. That does not mean that the policy is no longer in effect. State insurance laws require that other insurance companies share the responsibility for the policies of defunct companies. Most of the time, the company did not go out of business but was part of a merger or buyout. Contact your state insurance commissioner to find the new name of the company.

Beneficiary

Once you find the company, there exists another problem. Only the owner (if alive), the beneficiary (if the owner is deceased) or the executor of the estate can retrieve information about the policy. To find the original beneficiary, look at the policy. The beneficiary is on the application inside the policy.

Deceased Beneficiary

Now you may have an even bigger problem. You know whom the insured listed as the beneficiary but the beneficiary is deceased. If the beneficiary died before the insured person did, you have to prove it with a copy of the death certificate. In such a case, the money goes to the insured's estate if there's no contingent beneficiary. If the insured died before the beneficiary did, you have another potential problem. You're in luck if the insured designated a contingent beneficiary--someone to receive the money in the event the beneficiary is deceased. If there is no contingent beneficiary, you may have to reopen the estate of the deceased beneficiary.

Information

As mentioned previously, only the beneficiary or executor of the estate can receive information about the policy. Call the company and explain the situation. If you are the executor, you will be asked for a death certificate and court papers showing that you are acting on behalf of the estate. If you are the beneficiary, the company will send claims forms.

Unclaimed Funds

If you find the policy after the insured has been dead for several years, state law might categorize the proceeds as abandoned or unclaimed property. After a specified number of years, many states require insurance companies to escheat, or revert, any abandoned proceeds from a policy to the state. If that happens, it doesn't necessarily mean that a beneficiary has lost out on the insurance proceeds; it simply means that the proceeds are being held by the state. Most states have a website where you can claim abandoned insurance policies, bank accounts and other unclaimed funds. Always check these sites if you are an executor for the estate.

References

• A free nationwide search for unclaimed funds
• State insurance department websites