When a policy holder passes away, there are typically life insurance claims to file and estate matters that need to be settled. (To find out more about filing life insurance claims, visit the article “Steps to Filing Insurance Claims.” It could be relatively easy to complete when you are in possession of the life insurance policy, but what do you do when the life insurance policy appears to be missing? You must first learn how to find missing life insurance policies.
Finding a lost life insurance policy may be difficult and frustrating, but it is something that generally must be found to be able to receive death benefits. In most cases, the beneficiary(ies) may be aware the policy exists, but they do not know the company that the policy is through, who the named beneficiary is or who the premiums were made to. There are certain things that can be done to help find the lost life insurance policy.
1. Attempt to contact anyone that may have assisted with the affairs of the deceased such as accountants, lawyers or bankers. They may have the information you need. You can contact the deceased’s most recent employee, trade union or professional organization to inquire if there was an employee or group life insurance policy.
2. Carefully review all receipts, checkbooks and bank statements from the past two years. This may lead to clues to whom the premiums were made to or a specific company that you may contact and inquire with.
3. Check all home safes and safety deposit boxes at the bank. You can either review the bank statements for charges associated with a safe deposit box, or you can contact the bank directly to inquire. Keep in mind that they may need to copy of the death certificate to share any information with you regarding the deceased’s account.
4. Every state has a Department of Financial Services. When an insurance company has a policy that has gained cash value and has lapsed, they typically give the cash value to the state, when they are unable to locate the policy holder. The state then usually holds onto it, until it is claimed. You may generally be able to contact them and inquire if there are any unclaimed properties that belong to the deceased. If there is, you will typically be able to claim the property as well as contact the insurance company and see if any additional policies exist.
For a fee, the Medical Index Bureau (MIB) will be able to search if the deceased applied for life insurance and through which company. When someone submits an application for life insurance, the underwriter for the insurance company will contact MIB to obtain accurate medical information on the applicant. The MIB may not be able to guarantee that a life insurance policy was opened, but they may be able to point you in the correct direction to find the lost life insurance policy.
If you are able to locate the missing life insurance policy and find that the policy has lapsed or has been unpaid, you may still be able to receive the cash value of the policy. If you are unsure of how to obtain the cash value, you may call the insurance company directly and they may be able to assist you. Keep in mind that they may also request a copy of the death certificate.
