Tips for finding a lost life insurance policy

Tips for finding a lost life insurance policy

Tips for finding a lost life insurance policy

When a loved one dies, finding life insurance can be a challenging but necessary task. There are several steps you can take to get the information you need. Here are some tips to help you in your search.

Search for documents and letters of the deceased.
In many cases proof of policy and all related information

Search paper and digital files, bank safe deposit boxes and other storage devices for insurance-related documents. Check bank statements for checks or automatic drafts on life insurance companies.
Check your email and the deceased’s email for premium or dividend notifications. If premium payment is current, no premium payment notification is required; however, the company may still send an annual policy status announcement or dividend statement.
Review the decedent’s tax return for the past two years for records of interest income or expenses paid by life insurance companies. Life insurance companies pay interest on the accumulation of permanent policies and map interest on insurance liabilities. Review the application form for each life insurance policy you find. This document, which is usually attached to the policy, lists all other life policies owned at the time of application.
Talk to the deceased’s banker, financial adviser and lawyer.
If this search is empty, you can take several actions.

Submit a request to the NAIC Life Insurance Policy Locator Service. The National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator Service, a free online tool, can help you find life insurance. Once an application is accepted, the NAIC will ask participating companies to search their records to see if they have life insurance in the name of the deceased for whom you are applying. If so, the participating company will respond to you if you are the intended recipient or authorized recipient of the information.

To use the service, click here. You will need information from the death certificate, including the birth number, legal name and surname, date of birth and date of death. This video provides instructions on how to use the service.

Contact your state’s Junk Property Office.
If a life insurance company learns that an insured client has died, but cannot find a beneficiary, the company must turn over the death benefit to the state where the policy was purchased as “unclaimed.” ownership.

If you know (or can guess) the state where the policy was purchased, you can search the state’s junk property database. The National Association of Unclaimed Property Administrators has a search engine that will take you to your state’s unclaimed property database.

Be aware of special challenges. Circumstances may arise that complicate the search for life insurance for a loved one:

An insurance company changes its name or sells a policy to another company: The NAIC provides tips on how to find insurance companies that have changed their names, merged with other insurance companies, or sold blocks of policies to other insurance companies.
The company is in bankruptcy: Contact the state association of life and health insurance companies. The National Organization of Life and Health Insurance Guaranty Associations has a search tool to find your state guaranty association. Guaranty associations provide a safety net for policyholders in their state and provide continuous coverage up to limits set by state law.
The policy may have been purchased in Canada: Contact the Life and Health Insurance Ombudsman of Canada for information. Please note that paid services are available as needed.
Sometimes, despite your best efforts, finding insurance when a loved one dies can seem overwhelming. In these cases, it is useful to know that MIB, the insurance company, offers services for a fee. This service can find records of life insurance applications, but will not show whether a life insurance policy has been taken out. Additionally, many private companies can help you find missing life insurance for a fee.

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