How to Determine if a Life Insurance Policy Exists
Life insurance policies are financial contracts that protect you and your family. However, a life insurance contract protects your family only when the contract is in force. All policy premiums must be paid on time, and you must not surrender your policy to the insurer. Beyond that, there are other ways to ensure that a policy exists. You may have forgotten about a life insurance policy you've taken out. But, you may also be searching for a life insurance policy that a deceased relative took out. Regardless, there are a few surefire methods for locating a missing or suspected life insurance contract.
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Instructions
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Check with MIB Inc. MIB, Inc. is an organization that keeps a record of all life insurance applications made. You may check with the organization to see if an application was taken out in your name or if you took out a policy that you forgot about. The organization may charge a fee for searching its database but, when it is done, you'll be able to request a copy of your insurance policy from the issuing insurance company. A link to the company's insurance-locator information is included in the Resources section of this article.
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Check bank records. You may check for any cleared checks written to a life insurance company. This is especially helpful if you are searching for a loved one's life insurance policy after he is deceased. Bank records will indicate where money was sent. With this information, you may contact the insurance company and request a death claim form. Once you submit the death claim and copy of the death certificate, you'll get the money that you're legally entitled to.
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Check for premium bills. Insurance companies mail premium bills when insurance policies are paid quarterly or annually. You or your loved one may have received a bill that you forgot about. The bill will name the insurance company, and from there you can find out the policy information you need.
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