Lost Life Insurance Policy: What to do? Author:    Posted under: BlogsLife InsuranceLife Insurance questions answered


Life insurance policies are purchased by people who want to provide their family with the same or better quality of life even after they are gone. Sometimes though, the insureds tend to wait for too long before informing the beneficiaries and the intended recipients have no clue of the existence of a life insurance policy at all long after the death of their loved ones. The insureds pass away without ever telling anyone of their life insurance policies and the insurance companies, no matter how much they would want to distribute to the intended recipients are unable to. The responsibility for claiming the benefits lies with the beneficiary and without his or her knowledge of a policy they will not be able to file a claim. It’s a cruel cycle that anyone taking out a life insurance policy must avoid at all costs lest they will have invested their money in vain.

Still others lose their life insurance policies and often beneficiaries go into a panic after a loved one’s demise and realize that the policy is nowhere to be found. For them, these benefits could go a long way to provide them with a means to pay for immediate financial needs, as well as costlier ones in the future. But those who find themselves in this situation should know there is a way to locate the life insurance policy. What’s more, there is no time limit when it comes to claiming a death benefit. Even though there is no one process that will guide you, these steps may be able to help you as you make your inquiries to find that lost life insurance policy.

  1. Search for paper trails. Go through your loved one’s files, storage spaces and safe deposit boxes and look for any canceled checks made out to insurance companies, as well as bills and receipts. In some cases, you may even be able to go to your relative’s bank and request for copies of old checks and past banking records. It would also be advisable to check your loved one’s old credit card statements to see if he or she may have paid for opening fees, premiums or back-dated payments by credit card. Income tax returns should also be examined for any tax deductions or returns availed on any of your relative’s investments. Phone and address books may contain information on an insurance company or insurance agent your loved one was in contact with.
  2. Contact legal representatives. Your loved one’s lawyers or accountant may be in possession of details with regards to his or her investments, including a life insurance policy in particular.
  3. Employers. You may also check with your relative’s past and current employers to see if he had any group life insurance.
  4. Friends. Whether personal or professional, you should also try to contact any of the deceased’s friends to check if there was ever a time that he has mentioned his investments and life insurance policies.

Another comforting fact for those with missing life insurance policies is that there are services that you may be able to avail of that are in place to help beneficiaries.

Medical Information Bureau (http://www.mib.com/ )– If your relative bought a life insurance policy within the past 14 months the MIB (no relation to the Will Smith movie), likely has a record of insurers to which he applied. The MIB maintains a database that insurers utilize to lessen the incidence of fraud. The records will show a trail of applications left by your loved ones even though they will not divulge from whom he purchased a policy exactly. Their Policy Locator Service may cost $75 for each request.

National Association of Insurance Commissioners (https://eapps.naic.org/orphanedpolicy/ )- Their Life Insurance Company Location System may be able to help you locate a specified state insurance personnel who may aid you in determining life insurance companies that your relative bought his policy from.

MissingMoney.com (http://www.missingmoney.com/) – This is a website offered by the National Association of Unclaimed Property Administrators where death benefits considered to be unclaimed and transferred to the state may be located for free.

FindYourPolicy.com (http://www.findyourpolicy.com/) – For only $9.95, beneficiaries can search their database in case their insured loved one registered their life insurance policy with them.

Trying to locate a lost life insurance policy may be a bit time-consuming but it will be a worthwhile one. Note that you can claim the death benefit anytime, as long as the policy is found and the term of the policy was still in effect at the time of your relative’s death.

If you are in the process of obtaining a life insurance policy, make sure that you give your beneficiary the information he or she needs in order to claim the benefit in the event of your death. It may well be an uncomfortable conversation to have, but a highly essential one. Also remember to keep your financial records safely in one place, including your life insurance policy so that your beneficiaries won’t have a difficult time trying to locate them.

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