Six Ways to Find a Lost Life Insurance Policy
If you have someone depending on you for their financial well-being, life insurance is of supreme importance. Once a suitable life insurance policy has been purchased, when a death occurs, all a beneficiary needs to do in order to claim the proceeds is to contact the issuing company, advise them of the death, and provide a legitimate copy of the insured person's death certificate. However, if the policy has been lost or misplaced and cannot be found, how does one know which company to contact to make a claim? Or suppose you are not sure if a policy even exists?
There are few companies who can assist you in finding the policy. You may, of course, use one of these companies or you may perform your own search. While a lost or misplaced insurance policy may be a cause of some dismay, finding it may ultimately bring about a substantial reward.
Six ways of Finding a Lost Life Insurance Policy:
1. The deceased probably has files that may contain bank account records, documents, or receipts that may provide information on transactions with an insurance company.
2. The insured person may have purchased more than one life insurance policy, or more than one type of policy, from the same company. Finding one policy may well lead to finding additional ones.
3. A company's HR department would have records of any group policy bought by, or provided to, the deceased. Contact past employers.
4. Some life insurance policies pay interest and/or dividends. Check previous income tax returns.
5. Insurance companies issue premium notices and/or annual statements regarding policy status. With this in mind, for 12 months after a death, pay particular attention to the deceased person's mail for clues.
6. Each state has a Department or a Commissioner of Insurance which may be of some assistance. Contact the department in your state and they may be able to help you find what you are looking for.
There is no time limit when it comes to claiming the proceeds of insurance. Yet amazingly, billions of dollars in life insurance proceeds go unclaimed. Even if a policy is discovered many, many years after the policy holder's death, it may still be able to be claimed.
If the policy holder passes away with no one to claim the money however, the insurance company can either turn it over to the state for protection as already outlined, or hold on to the money until the beneficiary becomes aware of the situation and claims it. No matter what, that money stays available until it is found.
It is often difficult to locate a missing insurance policy, especially if it has been gone for a long time. If you are performing your own search, it will take time and effort, but, invariably, putting in the time and finding it will justify every second you spent in its pursuit.
There are few companies who can assist you in finding the policy. You may, of course, use one of these companies or you may perform your own search. While a lost or misplaced insurance policy may be a cause of some dismay, finding it may ultimately bring about a substantial reward.
Six ways of Finding a Lost Life Insurance Policy:
1. The deceased probably has files that may contain bank account records, documents, or receipts that may provide information on transactions with an insurance company.
2. The insured person may have purchased more than one life insurance policy, or more than one type of policy, from the same company. Finding one policy may well lead to finding additional ones.
3. A company's HR department would have records of any group policy bought by, or provided to, the deceased. Contact past employers.
4. Some life insurance policies pay interest and/or dividends. Check previous income tax returns.
5. Insurance companies issue premium notices and/or annual statements regarding policy status. With this in mind, for 12 months after a death, pay particular attention to the deceased person's mail for clues.
6. Each state has a Department or a Commissioner of Insurance which may be of some assistance. Contact the department in your state and they may be able to help you find what you are looking for.
There is no time limit when it comes to claiming the proceeds of insurance. Yet amazingly, billions of dollars in life insurance proceeds go unclaimed. Even if a policy is discovered many, many years after the policy holder's death, it may still be able to be claimed.
If the policy holder passes away with no one to claim the money however, the insurance company can either turn it over to the state for protection as already outlined, or hold on to the money until the beneficiary becomes aware of the situation and claims it. No matter what, that money stays available until it is found.
It is often difficult to locate a missing insurance policy, especially if it has been gone for a long time. If you are performing your own search, it will take time and effort, but, invariably, putting in the time and finding it will justify every second you spent in its pursuit.