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How To Find A Life Insurance Policy Exists

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How To Prevent Unclaimed Life Insurance Policies

How to Find Life Insurance Policies of the Deceased : Life Insurance & More

While it is too late for deceased relatives to provide you with information on their insurance policies, your relative may have offered a good learning opportunity so the next generation will be spared from hunting down unclaimed life insurance.

If you are covered by life insurance, tell your family members that you have a policy so they dont become unclaimed life insurance beneficiaries. Give your insurance company as much detail as possible about your beneficiaries, including names, addresses and Social Security numbers, to make it easier for the insurance company to find them. Its also a good idea to store life insurance paperwork in a secure place so family members have access to it when they need it.

The Death Master File

Insurance companies usually utilize the Social Security Administrations Death Master file, that stores the record of its recipients who passed away. Insurers would counter tally their own records to that of the records in the Death Master file.

If the deceased loved one or close friend with an executor testament contacts this particular department, the state government will go out of their way to assist them. In fact, theres a lost policy finder option initiated by the New York Department of Financial Services.

It allows the executor, or even an immediate family member of the deceased to create a search request to find out whether theres a lost life insurance policy under the name of the deceased. However, they will need to submit a copy of the deceased death certificate and basic information.

Moreover, you could also reach out to your own states comptrollers Unclaimed Property Office to perhaps assist you in your search. If the insurance company is aware that the insurer has died, and they were unable to locate the beneficiary, the policys death benefits are turned over to the state.

Use the National Association of Unclaimed Property Administrators to find where your states comptroller is located.

Who Can Claim A Lost Policy

A beneficiary should file a claim after a death, but an estate lawyer, trustee, or family member might file the claim instead. Funeral homes may do so when the proceeds will pay for burial expenses. But only beneficiaries can collect the benefits even if someone else files the claim.

What you must submit to file a claim can vary by insurer. You may need to provide a few things:

  • The deceaseds Social Security number
  • Their dates of birth and death
  • The manner of death, such as natural causes
  • The name of the funeral home
  • One or more copies of the death certificate
  • A copy of the beneficiarys government-issued ID, such as a drivers license or passport

Some insurers will allow you to submit a claim over the phone or online, while others will make you do so via snail mail.;

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How to Find Existing Life Insurance Policies

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Bankrate follows a strict editorial policy, so you can trust that were putting your interests first. All of our content is authored by highly qualified professionals and reviewed by subject matter experts, who ensure everything we publish is objective, accurate and worthy of your trust.

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How To Find A Copy Of The Insurance Policy

Once you determine that there is indeed a life insurance policy, youll need to read through it. Hopefully, youve discovered the company that holds the policy, so your first step would be to call the companys claim number and ask if you are a beneficiary on the deceaseds policy. If so, you should be able to receive a copy of the policy.

To do this, you may need to present the following:

  • Your name, contact information and social security number
  • The deceaseds name and social security number
  • A death certificate
  • Proof of your relationship with the deceased

Search For Insurance Policy Paperwork

If the death occurred fairly recently, check the mail and bank statements for premium payments or policy-related materials, says Steven Weisbart, senior vice president and chief economist for the trade group the Insurance Information Institute. Also check address books for any insurance related transactions or communication.

If youre the executor of the deceaseds estate, check any safe-deposit box and go through any personal files. You could also visit the bank of the deceased to request paper statements if you have Power of Attorney. This will allow you to find out who they paid premiums to if you dont have access to their online account.

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How To Find If A Life Insurance Policy Exists

Fact-checked with HomeInsurance.com

If you have lost a friend or loved one, you may be wondering how to find out if a life insurance policy exists. It would be great if there was a national database you could plug your name into and find out in seconds if youre a beneficiary, but there is no website to find out if someone has life insurance. Getting the answers to your questions may take some work.

Since its not a requirement to let beneficiaries know that they are mentioned in a policy, you may not even know that someone has left you this money. So how to find a deceased persons life insurance policy? Lets take a look at the best way to go about it.

Legislation Attempts To Help Beneficiaries Be Found

Finding A Lost Life Insurance Policy | NAIC Life Insurance Policy Locator 60-Second Video

Because policyholders often have an aversion to talking about their own death or discussing who’s going to inherit money, beneficiaries might not even know a policy exists. Thats why its so important for policyholders to reveal life insurance policy information before they die.

MIB Solutions, which tries to locate policies for beneficiaries through its database of life insurance application data, says that “it is possible, if not likely, that millions of dollars in life insurance goes unclaimed.”;

That number has now reached billions.

While some companies have already taken on some of the burden, individual states are creating legislation requiring life insurance companies to make concerted effort into notifying the beneficiaries of policies. To date, 20 states have passed legislation, with more following suit.

“We are obligated to honor the terms of life insurance contracts, and anyone with questions about a policy should contact the company that issued it,” says Whit Cornman of the American Council of Life Insurers , an industry trade group.

But if youre unsure whether youre the beneficiary of a lost life insurance policy, you may be at a dead end if you dont have a copy of the policy or know which company issued it.

Key Takeaways

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What Happens To Unclaimed Life Insurance Money

Some states are placing pressure on life insurance companies to pay out unclaimed death benefits. Because of this, insurance companies routinely use Social Security data to check to see if policyholders are still alive. When they find out one passed away, theyll do research to try to find the beneficiaries.

How Can I Find Out If A Life Insurance Policy Exists

  • Asked May 20, 2014 in
  • Contact Tim Wilhoit Contact Tim Wilhoit by filling out the form below

    Tim WilhoitPROOwner, Your Friend 4 Life, Brentwood TNFinding an existing life insurance policy can be very difficult. You would really need to know the life insurance company name. There is no data base with of the life insurance policies in one place. Once you find the company unless you are the owner, policyholder, insured or beneficiary, the insurance company will not give you any information other than they do hold a policy. I’m sorry that this is a very difficult time consuming task.Answered on May 20, 2014+1

  • Contact Peggy Mace Contact Peggy Mace by filling out the form below

    Peggy MacePROMost of the U.S.If you are wondering if someone took out a life insurance policy on you, unless you were a child when it was purchased, you should know because your signature would have been required on the application. If you are wondering if someone had life insurance on themselves, you can consult this website:;http://www.mib.com/lost_life_insurance.html. Also, try calling companies through which that person bought their auto insurance, where they knew an agent personally, etc. Look through places where they kept their legal paperwork to see if there is a copy of the policy, certificate of insurance, or other evidence that a policy was purchased.After a few years, the policy may show up as unclaimed property by the state.Answered on May 20, 2014+2

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    Once You Know The Company Name

    All you really need to find is the company name. You dont need a copy of the policy or a policy number to make a claim if youre the beneficiary. Once you know the company, contact the insurer for its claim paperwork, and be ready to provide the death certificate. You should have your money in a couple of weeks.

    Using The Life Insurance Policy Locator Service:

    Find Life Insurance Policy Exists

    If you know that you are the beneficiary but you cannot find the life insurance policy of the person insured, then take help of the following free life insurance policy locator services. All you need is the basic information of the deceased person like his DOB, the reason of death etc which you can easily get from the death certificate.

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    What To Do If You Took Out A Life Insurance Policy On Someone Else And No Longer Want It

    Canceling a life insurance policy is straightforward. You simply inform the life insurer that you no longer want the policy and then stop paying premiums. If you have term insurance, the policy simply will end at that point, and you no longer will have coverage.

    If you have a whole life policy, youll receive the cash value amount, minus any fees that are due. Such fees often are known as a surrender charges.

    How To Find A Copy Of A Lost Life Insurance Policy

    It can take some digging, but the policy document will have all the information you need to file a life insurance claim, including:

    • Name and contact information of the insurer

    • Policy number

    • Name of beneficiary or beneficiaries

    • Death benefit amount

    If you know youâre the beneficiary of a life insurance policy but donât have a copy of it, there are a few ways to find a lost policy:

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    Determining If You’re Owed Unclaimed Insurance Money

    If you’ve lost a family member or close friend, you may be listed as a beneficiary without even knowing it. Suppose the deceased didn’t have a partner or children to name on their policy; they might have branched out to other relationships when choosing the beneficiary of their life insurance policy. Policies often name several beneficiaries, so it’s worth looking into if you think you might be one of them.

    It’s best to start looking into unclaimed life insurance as soon as possible. Most life insurance companies won’t know a policyholder has passed away until a claim has been filed and in the meantime, they’ll continue to charge payments. If the insurance company doesn’t receive payment from the policyholder, they may deduct funds from the policy’s benefits to cover those unpaid premiums.

    Most life insurance companies won’t know a policyholder has passed away until a claim has been filed and in the meantime, they’ll continue to charge payments.

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    Avoid The Problem Yourself

    KSL Investigates: How To Find A Missing Life Insurance Policy

    Could all your searching and frustration have been avoided? Yes for each lost life insurance policy, a few simple words can spare months of searching. Tell family members the name of your life insurance company.

    About the author:Amy Danise is a former editor and insurance authority at NerdWallet.Read more

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    The Governments Death Master File

    Insurers often use the Social Security Administrations Death Master file, which keeps records of all its recipients who died. Insurers compare their records to it, said Cornman.

    If contacted, state governments will now go out of their way to assist. The New York Department of Financial Services has a lost policy finder. It lets the executor or administrator of an estate, or even a member of the deceaseds immediate family or closest relative, create a search request, provided they submit basic information and a copy of the death certificate.

    States that have online policy finders include Alabama, Louisiana, Missouri, Ohio, Oregon, Texas and Vermont. And other state insurance departments now offer free search services.

    Your own state comptrollers Unclaimed Property Office could be helpful. If an insurer knows the policyholder died but couldnt find the beneficiary, it must turn the death benefit over to the state. To find your states comptroller, use the;National Association of Unclaimed Property Administrators.

    Since there is no national database for all life insurance policies, Cornman recommends using the NAICs Life Insurance Policy Locator Service. But those in need of assistance must have basic information about the deceased, and be a possible beneficiary.

    Ask The State Insurance Department

    Some state insurance departments will help you find a lost life insurance policy. Currently, 29 states offer this as a free service. Start by using the National Association of Insurance Commissioners Life Insurance Policy Locator to find a department official who can help you search for the unclaimed policy.

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    Look For Policy Documents

    First, look through the persons insurance policy documents and see if you can find anything about a life insurance policy. This information could be kept in a safe box or file cabinet, but it could also be lying around. If you cant find any information about a life insurance policy, call the deceaseds home or auto insurance company and see if it has any information on file.

    Tracing A Motor Insurance Policy

    How To Find A Life Insurance Policy Exists / What is ...

    If you have a motor insurance policy but you do not have the policy document and;you do not know the name of the insurance company that issued it:

    • check;your bank account / credit card statements for evidence of payments to an insurer
    • check the Motor Insurers Bureau;Motor Insurance Database;which records the policy details of all vehicles insured in the UK

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    Tracing Your Child Trust Funds

    The Government introduced the Child Trust Funds in 2005 with children born after 1 September 2002 eligible. They had the aim of ensuring every child has savings at the age of 18, helping children get into the habit of saving while teaching them the benefits of saving and helping them understand personal finance. The guardians or parents of eligible children were given cash vouchers. These could only be deposited into a tax-free Child Trust Fund account, available in stakeholder, share or savings account. Up to £4,368 can now be put into the account per year until the childs 18 birthday. In 2020-2021, the limit will increase to £9,000.

    The first wave of CTFs, valued £700m in total, mature in August 2020. A lot of eligible CTF holders are still unaware of their entitlement or have lost connection with these accounts with 700,000 CTFs estimated to be dormant. Many of these accounts were opened by the HMRC because the guardian/parents did not do so. If you think you or your child might have a lost CTF, you could find out where your CTF account is by contacting HMRC.

    New regulations will now allow mature accounts to be transferred to an ISA without receiving holders instructions or taking up their ISA allowance, which might provide better rates than CTF accounts. Mature accounts will also maintain CTF tax advantage until their owners are found to provide instruction. You could also consider transferring your CTF into a Junior ISA before it matures.;

    Why Should You Check For Unclaimed Life Insurance Policies

    If you think you might be someones life insurance beneficiary, its a good idea to search for a lost life insurance policy. Its possible that you are the beneficiary of someones life insurance funds and werent notified. Heres why you should check for unclaimed life insurance policies:

    • You could be entitled to money: The main reason you should check for unclaimed life insurance is that you could be entitled to money. Depending on the policys value, you could be entitled to a large amount of money. The money you receive from someones life insurance policy, called the death benefit, is tax-free and can be used however you want.
    • The insurance company could be attempting to reach you: When you buy a life insurance policy, youre legally required to name a beneficiary. However, some people put incomplete or incorrect information. If youre the beneficiary for someones life insurance policy and that person has passed away, the insurance company may be trying to notify you so it can give you the funds.

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