How to Locate an Existing Life Insurance Policy for the Deceased
Upon the death of an insured, the beneficiaries must file a claim with the life insurance company. However, beneficiaries are sometimes unaware of a policy's existence. Sometimes they do not even know they are beneficiaries, due to estrangement from their loved one. When any of these scenarios occur, the policy remains in force until either a beneficiary steps forward to claim the benefits, or the assets are sent to the state unclaimed funds department. Yet, there are several avenues to try locating insurance assets.
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Things You'll Need
- Deceased's contact information
- Deceased's Social Security
- Death certificate
Instructions
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Check the deceased's records for any evidence of an insurance policy. This includes taxes, premium payment, insurance statement, life insurance agent business card and more. Follow up on any leads with a phone call.
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Call the deceased's last-known employer. The human resources department can tell you if they offer group life insurance; thus, the deceased had coverage..
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Use an insurance policy locator service. Services such as MIB Group and Lost Life Insurance Finder Expert can obtain records of insurance policy applications or directly contact companies to inquire if a policy is in force on the deceased. They usually charge a fee, but save time, money and considerable legwork.
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Contact the National Association of Unclaimed Property Administrators. Reach them at MissingMoney.com to find the unclaimed property office in your state. When assets like an insurance policy remain in force, with no contact from the insured or beneficiaries for many years, they are eventually moved into a state trust for the benefit of all concerned.
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Tips & Warnings
Insurance policy benefits continue earning interest, if not immediately claimed.
References
Resources
- Photo Credit cemetary 3 image by sonya etchison from Fotolia.com
