Most of us never take the time to find out what life insurance policies that our loved ones have. Once they have died, it is almost impossible to determine if we have all of them. There are however some ways to make sure you are able to find all life policies. There are also ways to find missing policies. Life Insurance policies must be found as quickly as possible. This is not just to collect benefits, but also to ensure they do not become abandoned property.
1. Check Bank Statements – if someone is paying a regular insurance premium to an insurance company, it will appear in their bank statement. Contact the insurance company and find out if they have a life policy.
2. Contact Employers – if the decedent was working at the time of their death, chances are good that they had a policy through their employer. Contact the employer and they can generally provide you information that will help you retrieve the policy.
3. Safe Deposit Boxes – if the decedent had a safe deposit box, they may have put their insurance policies there for safekeeping. This would be the best resolution as it makes it possible to find them.
4. Review all Mail – you may have to monitor the decedent’s mail for upwards of a year. Because many policies only have annual premiums, this may be the only solution (i.e. waiting for a bill).
5. Policy Applications – if you can find any life insurance policy applications in the files of the decedent, you may find a hint of what other policies exist. Most insurance companies ask for this information when you apply for insurance.
If you have tried all of these methods of locating life insurance policies, you may have only a few options left. One of these options is contacting the state’s Unclaimed Property Division. This service is offered free of charge in most states.
One final option is a paid search. There are several paid services for you to select from. One possible suggestion is Find Your Policy which is located in Florida. They not only offer a search, but you can register your policies there as well so that your family will not have to wonder what policies you own.
Summary
Life insurance policies are important documents. It is very easy however to misplace them. Be sure if you are searching for a life insurance policy that you believe is missing that you take all the steps necessary to finding them. Be sure you inform your family where you keep your life insurance documents.
Losing a loved one is not easy. The stress of searching for missing life insurance policies simply adds to that loss. Using these simple steps will help you find any missing life insurance policies.