Information About Lost Life Insurance Policies

Searching for lost life insurance can be frustrating.

Whether the lost life insurance policy belonged to a deceased relative or it's your own, searching for lost policies can be frustrating. A person's advisers, their mail and a Medical Information Bureau inquiry may yield leads to the policy.

Clues

Cancelled checks may provide a clue.

Cancelled checks, past employers and financial advisers, including brokers and tax preparers, can provide clues about possible life insurance policies. A deceased person's mail may include statements, prospectuses or premium notices. The Medical Information Bureau maintains information about policy applications. According to the Medical Information Bureau, 30 percent of searches turn up leads.

Types

Term policies often require continual premium payments to stay in force.

Term policies require regular payment of premiums until a claim is made, or the policy will lapse. Whole life, universal life and offshoots of these products may continue for some time or indefinitely without new premium payments.

Short Term

Call the insurance company to report a lost policy.

Living persons can contact an insurance company for a replacement contract. For a deceased insured, beneficiaries can file a claim with the company without the policy. The insurance company walks the beneficiary through the claim process.

Long Term

If an insurance company knows an insured person has passed away but cannot locate the beneficiary, it may turn over unclaimed policy benefits to the state three to five years after being made aware of the death. Beneficiaries can file a claim with the state treasurer or comptroller.

References

• MSN Money: Insurance Policy Missing? Collect Anyway
• Medical Information Bureau: Policy Locator