How to Locate a Life Insurance Policy

Life insurance policies are an ideal way to help a family move on after a loved one has passed away. Many people do not discuss life insurance when they are alive, however, because it is something they do not want to think about. When a person dies in this situation, the spouse or family members do not know whether there was a life insurance policy or not. If you recently had a loved one die, there are some things you can do to locate a life insurance policy if the deceased had one.

Instructions

1. Look for the evidence of a policy. If your loved one had a life insurance policy, there is a good chance he was making payments on the premiums. As a result, there should be proof of those payments. Look through checkbook registers, credit card statements and canceled checks to see if there have been regular payments made to an insurance company. Premiums can be paid monthly, quarterly or annually, so be thorough when searching through records.

2. Contact the insurance company. If you find evidence that the deceased was making regular payments to an insurance company, contact that company and ask if there is a policy in your loved one's name.

3. Call the deceased's former employer. Many employers and companies offer their employees a group life insurance policy for a discounted price. Typically, the premium payments for these types of policies are automatically withdrawn from the employee's checks at regular intervals. You can either look at check stubs and see if there is a withdrawal listed for an insurance company or contact the employer to see if it offers a life insurance policy. If you find out that it does, the company's human resources department should be able to help you locate the policy.

4. Check the deceased's bank contracts. Many financial institutions offer a minimal life insurance policy for free just for being a customer of the bank or credit union. Either look through the contracts that the deceased had with the bank or call the institution directly. It probably cannot tell you any personal financial information regarding the deceased's life insurance policy, but it should be able to tell you if the bank offers that type of coverage.

Tips & Warnings

• If you are the beneficiary of a recently found policy and your loved one has been deceased for several years, you are entitled to the value of the policy in addition to interest from the date of the insured's death.

• Don't want to long to search for a life insurance policy. If the policy is through the deceased's employer, the employer must turn over the death benefits to the state if it cannot find you. From there, it is very difficult to collect the money.

References

• Insure.com: Information about Finding LIfe Insurance Policies
• MSN Money Central: Insurance policy missing? Collect anyway

Resources

• Unclaimed.com: Search for a Lost Insurance Policy