How to Find Out If I Have an Insurance Policy

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There are many reasons life insurance policies are purchased. Unless one is taken out for a minor child, the insured (the person whose death the policy will pay benefits on) must acknowledge that a policy is being written. In other words, there can't be a policy on you without your consent unless it was fraudulently obtained. If you are concerned about someone's insurable interest in your life and want to find out if a policy has been opened, you can find out with some basic information.

Ask your parents if a policy was written on your life as a minor. Many life insurance companies offer minor's policies. Children under the age of 15 don't need to consent to the application. Over time, these policies can be easily forgotten about.

Talk to your existing or prior human resources directors. You may have a policy that was taken out as part of your benefits package or as part of your employment requirements. Key Employee Insurance protects businesses against the premature loss of management and key individuals. When you leave the company, their insurable interest in you is over and the policy should be reverted to you, replaced for the new "key employee" or terminated. They are required to tell you if there is a policy on you.

Contact the Medical Information Bureau (MIB). MIB maintains information regarding all insurance applications applied for during the past 11 years. With your Social Security number and $75, you should be able to collect the data you need.

Tips & Warnings

  • Remember: You must give consent to have life insurance taken on your life. Always ask a lot of questions before signing anything regarding estate planning, insurance and investments.

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