How to Handle a Missing Life Insurance Policy
It is not an uncommon event that when a relative dies, the family is unable to locate information about a life insurance policy that they know the deceased had. When this happens, the life insurance proceeds remain unclaimed because it is the responsibility of the beneficiary to provide proof of the death and claim the funds. Fortunately, you have several ways to locate the life insurance policy information.
Other People Are Reading
Instructions
-
-
1
Examine the deceased's checking account to try and find a cancelled check with the insurance company name and policy number on it. Look at charge card statements as the premium might bill automatically to the credit card. Look through personal address and phone books for the name of insurance companies or insurance agents.
-
2
Talk to other relatives, or friends of the deceased, to learn if anyone can remember the name of the insurance company. Contact the deceased's previous employers and ask if they have a group life insurance policy. Check with any unions or organizations the deceased belonged to.
-
-
3
Look through cupboards and closets. Check boxes of papers and examine the contents of any safety deposit boxes owned by the deceased. Look for other types of insurance such as homeowner's and automobile as the deceased could have other types of insurance with the same company.
-
4
Monitor the deceased's mail for at least a year, looking for premium notices, insurance companies' annual reports or any other type of communication from an insurance company. Examine past income tax returns as some insurance policies pay interest that require reporting.
-
5
Check the deceased's state of residence website. Usually, the state will have an unclaimed property section where you can see if any life insurance proceeds for deceased's were recently turned over. If your state doesn't offer this, you can contact the state controller's office. Continue checking for several years after the death because states and insurance companies have varying requirements as to the number of years before the company must turn over any unpaid funds.
-
6
Order a report from policy locator services as a final resort if you are positive a policy exists but are not able to locate any information at all.
-
7
Contact any insurance company that you think might hold a policy. Speak with an agent and ask what procedures to follow to learn if a policy for the deceased exists.
-
1
