The Way to Find An Unclaimed Life Insurance Policy

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The Way to Find An Unclaimed Life Insurance Policy

Life insurance is supposed to assist your nearest and dearest after you die. However, what happens when a relative goes off, and you do not even know that there is different a policy -- or to track down one? As stated by the National Association of Insurance Commissioners (NAIC), life insurance benefits are left-handed each year.

Below are a few hints about the best way best to look for approaches and life insurance policies to help avoid them from moving .

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The Way to Find An Unclaimed Life Insurance Policy


A life insurance plan is unclaimed when the insured individual goes off and the termed beneficiary doesn't assert the death benefit from the coverage. The Insurance Information Institute (III) says there is a range of reasons why life insurance benefits aren't claimed.

An unclaimed life insurance coverage might be the consequence of obsolete or incomplete beneficiary advice, which may make it hard for your insurance company to track down the alien. Life insurance policies exist since the insurance provider does not understand that the individual that is insured has expired. Most insurance companies are advised of a departure just when a beneficiary initiates a claim.


If a near relative or loved one goes, life insurance benefits will help cover their last expenses and much more. You might have the ability to discover if you are unsure if a loved one had a life insurance plan in place. Try out Some of these III's tips for looking up the advice:

Check with country officials.

If you understand a coverage exists, but can not locate the records, try out the NAIC's Life Insurance Policy Locator System. The company can assess with participating insurance companies to find out if they have the name of a policy on your loved one. You might even search the country's unclaimed property division to find out whether you're considering any funds.

Look at storage places for signs of a previous payment.

If you are unsure if your loved one had a life insurance coverage, assess through storage places like file cabinets and safety deposit boxes to discover old charging notices or receipts for paid premiums (Some life insurers still use email as the main way of communicating, the III states ). Look through bank statements, canceled checks, or credit card statements for any listing of premium payments that were previous.

Contact monetary professionals and companies.

Look to locate contact info for the financial pro, who might have offered them coverage of your nearest one. You might check to find out whether your relative had a life insurance coverage with the insurer. You may also find out to a loved one's office (or previous employer) to learn whether there's a policy set up. Obviously, reveal that you are eligible for the documents or you might need to supply some identification.

Inspection tax returns and other coverages.

Review tax returns and try to find interest payments from an insurance provider. Furthermore, make certain to assess the program from any insurance policies which you do understand about (it is usually connected to the policy), since it's going to often offer evidence of any additional life insurance which has been in effect at the moment, the III says.

Utilize a third-party firm.

As stated by the III, private businesses can help assist you with the hunt for a missing life insurance coverage by calling the dead person's insurance companies on your behalf. Remember you might need to cover this kind of service.


Invite them to inform beneficiaries which they have been appointed on policy and 1 method to help stop life insurance gains would be to speak to your relatives, the III says. Be certain that you keep the contact info of everyone.

Afterward, make certain to stick to the III's recommendations about the way best to arrange and save policy advice -- if it is your loved one's or your personal.

Consider keeping you along with your financial documents or documents two copies of every policy; and an offsite at a safety deposit box or with a relative. The III recommends that you record dates the coverage has been last updated on each backup, which means that your loved ones will probably know which copy is the most present.

Maintaining beneficiary that is upgraded life and advice insurance documents might take a little effort, but it might help your nearest and dearest track a coverage once the time comes down. And it is going to make certain the life insurance policy benefit gets passed as planned.

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