How To Find Out If Life Insurance Policy Is Still Valid
You should be able to find out if the policy is still valid by simply contacting the company that issued your life insurance policy. Even though some time has passed since the premiums have not been paid, but you may be able to receive a return on your investment with dividends.
You may be faced with the decision to cash out your life insurance policy, if the policy is still effective. The insurance company will want proof of ownership before they’ll pay up on a claim. Keep in mind that there is usually an expiration date for these policies anyway.
Talk To Bankers Financial Advisors Or Insurers
Although privacy regulations may govern how much a banking official can tell you about the deceaseds finances , you may be able to glean some information from them. It may pay to talk to the deceaseds financial advisor or accountant, or even their regular insurance agent.
If you are executor or next of kin, you may have access to safety deposit boxes or other private storage areas that could yield important information. If youre not in a position to access them, see if you can get permission from those in the deceaseds inner circle who may be able to get to them.
Secondary Documents And Locations
There is a variety of personal paperwork that can provide excellent hints when it comes to locating life insurance. Keep your eyes open for the following items:
- Bank statements: You may see monthly or annual premium payments being deducted for the life insurance protection.
- Tax returns: Look for interest earned or dividends paid out. This will occur if your loved one has a whole life policy with a cash value component.
- Safety deposit boxes: Check the deceaseds bank for a safety deposit box that may hold significant documents like life insurance.
- Home or office filing cabinets: If your family member was still working, perhaps youll find more life insurance clues within their office effects. You can also look through the deceaseds home filing cabinets for policy paperwork.
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How To Search For A Life Insurance Policy
The ACLI has a number of tips for those who think they might be due money from life insurance policies.
- Sort through the deceased’s papers and address books for clues.
- Look through bank check books and/or canceled checks to see if any were written to pay premiums.
- If you find a policy, contact the insurance company even if you’re unsure whether it is still in force. It’s helpful to contact life insurance companies directly by using a list from either the state insurance department or Best’s Insurance Reports found in most libraries. Don’t forget that for most inquiries you’ll need a death certificate and documents that prove your status as a close relative or intended beneficiary of the deceased.
- Review income tax returns for the past two years to look for interest income and expenses.
- Contact any law offices where the deceased my have been advised.
- Check the mail for up to one year after death for premium notices, which are usually sent annually. If the policy is paid up, there may not be any notice of premium payments due. However, you may find an annual statement regarding the status of the policy, or even a notice of dividend.
- If the death is an old one, check with the deceaseds state’s unclaimed property office to see if any money from life insurance policies may have been turned over to the state.
Turn To A Missing Policy Locator
The National Association of Insurance CommissionersLife Insurance Policy Locator Service and similar services allow consumers who believe they are the beneficiary of a life insurance policy to submit a life insurance policy search by name and request to have insurers check their files. These systems can serve as an unclaimed life insurance database for individuals that need a starting point for retrieving policy information.
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Use A State Policy Locator Service
In response to calls for easier ways to track down lost life insurance policies, some states have created centralized search services. Once you submit your paperwork, the following states will forward the information to all life insurers licensed there:
The insurers will search their records to see if any life insurance policies are in the name of the deceased. If so, the life insurance companies will contact you if youre the beneficiary or deceased persons legal representative or executor. If not, theyll work to find the beneficiary of the policy.
Meanwhile, the National Association of Insurance Commissioners is building a national policy locator app. The online tool features an interactive U.S. map. You click on the state and follow the instructions for submitting a search request. The tool, which the association says will be finished in the fall of 2016, will do one of the following:
Forward you to that states policy locator service, if it has one.
Forward a form you complete online to that states department of insurance.
Give you a phone number for that states department of insurance.
The state insurance department then will forward your search request to life insurance companies licensed to do business in that state. If a policy is found, then the insurer will contact you, as long as youre legally authorized to receive the information, or it will search for the policys beneficiary.
Contact Former Employers Or Industry Organizations
Group life insurance policies are sometimes purchased as part of an employment benefits package, so a family member’s former employers may have information about purchased coverage.
Unions, fraternal organizations and other membership-based industry groups may also offer benefits to members, including life insurance. If your relative purchased group life insurance through one of these organizations, a record should be on file at the administrative offices.
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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, youâll receive the cash value amount, minus any fees that are due. Such fees often are known as a surrender charges.
How To Find Out If Someone Had Life Insurance In The Uk
on Friday 6 September 2019
Many people like to keep their finances close to their chest. In the UK, it is still very much a social taboo to discuss personal finance, even with close relatives.
Unfortunately, this can lead to situations where someone dies without properly informing their loved ones of their life insurance policy and without knowing the relevant insurance company and policy number, it can lead to the life insurance going completely unclaimed.
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Don’t Give Up If You Think You Have A Claim
If you strongly believe you may have a life insurance claim but proving it is difficult, the ACLI suggests that you try the Policy Locator Service from MIB Solutions. Here the deceased’s name is matched against roughly 170 million records. If the policyholder applied for the policy in 1996 or after, you might find it here. Executors and administrators are entitled to order a report, but in cases where neither is available, a surviving spouse or closest relative has the right. Reports cost $75 and MIB says searches receive a 30 percent response rate.
Another resource is the National Association of Insurance Commissioners Life Insurance Policy Locator Service. This is a free service NAIC is providing. On request per deceased individual is all that is needed for this search of all participating companies’ databases.
One of the best resources may be other relatives. Life insurance is part of most inheritances, and where there’s a will, there’s a relative. After someone dies, everyone has an interest in seeing his or her affairs settled, particularly when there are funeral expenses to be paid.
What To Do If You Find Out A Policy Exists On Your Life
If you discover a life insurance policy on you, your best and first line of defense is to work with the insurance company to resolve the issue. If theyre uncooperative, contact the police and your state insurance department.
Insurance fraud is a serious crime. Stump says someone who obtains an illegal life insurance policy could face jail, probation or a significant fine.
Depending on the depth of information that the perpetrator provided, they could also be on the hook for identity theft, wire fraud, or mail fraud, he says. If the action involves people in different states or transactions across state lines, it could even be a federal offense. This would result in time in federal prison and additional fines.
Secret life insurance policies are rare, but this type of insurance fraud does happen. Protect yourself by following the steps weve outlined to minimize the likelihood that someone garners a big insurance payout at your expense.
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What If The Insurance Company Changed Names Or Went Out Of Business
If the insurance company has changed its name, has gone out of business or has been bought out by another insurer, you may be able to do an internet search to find out what company currently has its assets and policies.
Once you have the new name, find the state of the companys home office and contact that states insurance commission or department.
You can find a list of insurance company names and home office addresses in A.M. Bests Insurance Reports, an annually updated report on companies. It is available in many larger libraries.
How To Find Out If A Life Insurance Policy Is Still Valid
Be prepared to spend a day searching for an existing life insurance policy and whether its still valid. Finding life insurance that you didnt know about is going to take several hours.
Why does it take so long? If the policyholder has passed away, the life insurance company they were insured with will need several items before releasing any information or claims to you.
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Can I Get Life Insurance On My Parents Without Them Knowing
You can get a life insurance policy on your parents but you will need their consent. Many people buy Final expense insurance policy to cover their parent’s final expenses and funeral costs.
Taking out a life insurance policy on your parents without their knowledge would be considered fraud. Nowadays most of the insurance policies are designed in a way that you would not be able to insure a person without them knowing.
Who Can Request Life Insurance Information
Only policyholders and beneficiaries can request life insurance information.
Even if you have all the necessary information to access the policy, life insurance companies wont issue a check unless youre listed as the beneficiary.
If the policyholder is still living, youll have to ask for permission to be added to the list of beneficiaries on their life insurance policy.
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What To Do If The Insurance Company Changes
In some cases, insurance companies change names or merge with another provider. If you find unclaimed life insurance and the company no longer exists, it doesnt mean youre too late. Contact the state commissioners office where you live and explain the situation. It can help you figure out who to contact about the life insurance policy and how to file a claim with the new company.
How Do You Find Out If Someone Has A Life Insurance Policy On You
First of all, can it even be done? Can someone purchase an insurance policy on you, without your knowledge? The answer is yesbut the circumstances are mostly fraudulent.
It is extremely difficult to get someone elses life insured without their consent. First of all, most life insurance policies require that the person first get a medical exam. In addition, most policies would also require that persons signature of consent that the medical information may be released. And even though the policy doesnt require the individual to take a medical exam or sign a consent form for the release of the results, the said individual will still have to sign the policy.
Insurance companies also make sure that the person who is buying the policy for another individual has insurable interest. This means that if the individual were to die, the person applying for the policy would suffer a financial loss or another kind of loss.
Furthermore, a person who is insured will receive a call from the company, asking if the information they have received is correct. They will verify the information and ask if insurable interest exists. It would be extremely difficult to bypass this process, and fraud would be committed if someone else were to intercept your calls or simply forge your signature.
If you suspect that someone might have a life insurance policy on you without your knowledge
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Talk To Family And Friends
Another good place to start is to ask questions of those who knew the deceased well. A spouse, children or good friends may have heard the person talk about their life insurance and how they hoped the death benefit would help someone.
You may not find out hard facts this way such as the policy number but if youre not even sure a policy exists, you could confirm that fact with a simple conversation. One person to definitely include on your list is the deceaseds executor, if there is one. They may be able to bring your search to a quick and easy end if the policy documents are with the will and other end-of-life papers.
What Happens If A Policy Is Unclaimed
If a person with life insurance coverage dies and the company is unsuccessful in paying out the death benefit, it’s considered an unclaimed life insurance policy. This can happen in the following circumstances:
- The beneficiaries can’t be located
- The beneficiaries don’t know that coverage exists or that they’ve been named in the policy
- The beneficiaries don’t know what company issued the policy
- The insurance company went out of business and another company holds the asset
- The insurance company doesn’t know the policyholder is deceased
- The policyholder lost contact with the insurance company
In these cases, the death benefit is considered unclaimed property and must be turned over to the state in which the policy was issued. If you think you were a beneficiary of a policy but haven’t received payment, visit the National Association of Unclaimed Property Administrators to find out if they have property belonging to you.
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Wondering If You Have An Unclaimed Life Insurance Payout
A 2016 CBS 60 Minutes report revealed that audits of the largest U.S. life insurers led 25 carriers to dole out over $7.5 billion in unpaid benefits. Before that, a 2011 audit ordered by the Texas Comptrollers Unclaimed Property Division uncovered over $178 million worth of unpaid proceeds due to Texans.
There are steps you can take to find a lost policy and obtain its benefits if you believe you may be the beneficiary.
How To Find An Unclaimed Life Insurance Policy
Many people take time to set up life insurance policies to ensure their loved ones are cared for after their passing, in which case a common question might be, How do I find out if I am a beneficiary on a life insurance policy? If you suspect a relative who passed away may indeed have purchased a policy and named you as the beneficiary, try these steps to conduct an unclaimed or lost life insurance policy search. You will need the full legal name of your relative, and it helps to have their Social Security number and any former addresses. Follow these steps to maximize your chances of finding an unclaimed life insurance policy.
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If A Claim Has More Than One Owner
If there is more than one claimant, all claimants information needs to be provided, including their signatures and other documentation to support their identity and balance entitlement.
- An unclaimed balance held by two or more names joined by or, may be claimed in its entirety by any of the balance holders or by the estates of any deceased balance holders, if applicable.
- An unclaimed balance held by two or more names joined by and, will be split equally between the living holders and the estates of any deceased balance holders, if applicable.
In either case, when a claim is made on behalf of a deceased balance holder, the claimant must be an authorized representative of the deceased balance holder.
Search For Documents Related To Life Insurance
Start your search by looking at any documents that your loved one, business partner, etc., have put away. Anything with a Social Security Number or account number could be helpful.
If you happen to find a policy number from the life insurance company, add it to the list of information. You may need it to collect death benefits.
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Let Reassured Help You
As the UKs * we’ve helped over 1,000,000 people arrange life insurance protection.
As a result, it may have been our services which helped arrange your loved ones life cover.
Feel free to give us a call and we’ll do our best to help you.
Our friendly customer service team can be reached between 09:00-17:30 on 0808 168 2025, or via email .