life insurance

How To Figure Out Whether A Life Insurance Policy Exists?

No one knows what the future hold in its hands. This is where a life insurance policy comes into play. Having a life insurance policy for your family members is the best thing you can ever do. However, most people don’t give importance to it or often ignore it. 

Even if you have a life insurance policy, make sure to discuss it with your family members. Sometimes, there are circumstances wherein even a beneficiary of a life insurance policy wouldn’t know its benefits. Therefore, your family members are entitled to know what coverage does your life insurance policy has. If you and your loved ones don’t have a life insurance policy, take some time to learn about its benefits and coverage because it is really important to have financial protection for your family.

Can you find out whether a deceased person has an existing life insurance policy?

Of course, you can find out if there is an existing life insurance policy after someone’s death. The first and foremost thing you need to do after your loved one has died is to pay for the funeral expenses and insurance policies if existing. There are different ways for finding out if a life insurance policy exists:

Talk to the close ones

If you need to find out whether the deceased had a life insurance policy, reach out to their family members, acquaintances, or friends you think would know about it. Try reaching out to those who knew the deceased well enough. You can also contact the past employers of any organization where the deceased worked or other social clubs of which the deceased was a member once.

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Personal possessions

You might likely have to search for records or paperwork by the name of the deceased. It can be related to household or business. It is quite tricky to have access to safe deposit boxes since it demands other requirements as well. It will require the box key, a copy of the death certificate, and proof of the relation. Once these requirements are fulfilled, bank officers can provide life insurance documents to the beneficiary. Although, accessing the personal stuff can be a bit difficult if you are not a family member of the deceased, as this will require the permission of family members.

Search for mails and bills

If the deceased had provided the e-mail details while buying the life insurance policy, all the updates regarding its premium notices could be viewed via mail. Make sure to check other billing statements and account summaries too.

Search online

There are few websites available to get some tools to find out the details about unclaimed assets and death benefits. Some of these websites are:

  • National Association of unclaimed property administrators (unclaimed.org)
  • missingmoney.com
  • National Association of Insurance Commissioner’s Life Insurance Policy Locator

All you have to do is to type the name of the deceased in the search box. Moreover, several companies can help you search for a lost policy. The representatives of these companies will contact different life insurance policy companies to find out about the policy’s existence. The fees of these representatives might vary. 

Contacting the State Insurance Commissioner’s Office

Were you unable to locate the life insurance policy even after following the ways above? Don’t worry! Try getting in touch with the Insurance Commissioner of your state. The National Association of Insurance Commissioner’s website has the record of contact information for the respective state office. While the authorized person inquires about a policy, the state will forward the same to licensed agencies. After that, these agencies will search about the policy. If any contract is found, it will try to contact the beneficiary. 

What about the life insurance policy of someone alive?

If someone close to you is on the verge of dying, you can try to search for their life insurance policy as well. However, there might be cases wherein your loved one is suffering from some serious health issues or mental illness where they won’t be able to tell you about their life insurance policy’s coverage. Make sure to search for their policy in the same manner as you do for any deceased.

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What to do after you were able to locate the life insurance policy?

Once you are completely assured that the deceased or someone alive has the life insurance policy, contact the company which holds the policy. You need to ask whether you are the beneficiary of the deceased’s policy. If you are the beneficiary, you will be able to receive a copy of the policy.

To receive the copy, you will have to give your name, contact number, social security number, the deceased’s name, death certificate, and social security number. You also need to present proof of the relationship you had with the deceased. 

What will happen if nobody claims the money out of the policy?

According to the law, insurers allow several years during which the beneficiary can claim the benefits. If this doesn’t happen, insurers pass this fund to the state, for which the beneficiary might have to contact the state’s unclaimed property office. There are several life insurance policies about which the beneficiaries stay unaware. Due to this, huge sums of the money go unclaimed. So, the beneficiary needs to know about it.

Otherwise, it is a time-consuming process to figure out the policy once the person has passed away. For more Insurance Reviews keep visiting Our website.

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