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Locating a Lost Life Insurance Policy
Author David Schneider | Dec 31,2007
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Life insurance is often a way for people to ensure that loved ones will not suffer a large loss of income, in the unfortunate event of a death. If a policyholder neglects to inform the beneficiary of the life insurance, however, the policy might be unclaimed. This happens much more often that you would imagine. There is an estimated $1 billion in unclaimed policy money out there.
Even if you knew a person had life insurance but did not know under which company they were covered, the task of figuring it out can be nearly impossible. If you find yourself in a situation like this, there are steps to take that will help you track down the life insurance policy.
Continually Check the Life Insurance Policyholder’s Mail
If the person had a term life insurance policy, they will be getting bills or reminders to pay off their premium. Even if the policy is fully paid, oftentimes life insurance providers will send an annual reminder or statement of policy.
Locating a Lost Life Insurance Policy -- Search Through Financial Records
Hopefully you can find an old transaction to an insurance company for life insurance. You may find an old or cancelled check or a statement of receipt.
Locating a Lost Life Insurance Policy -- Review Old Tax Returns
If the person ever took a loan out on his or her life insurance policy, he or she would have had to pay interest in return to the provider. Additionally, insurance companies actually pay interest on permanent policies, so it is possible that the person received some income.
Locating a Lost Life Insurance Policy -- Check With Previous Employers
Oftentimes employers will keep records of an employee’s past insurance policies. This can be a good outlet for locating a missing life insurance policy.
Locate a Lost Life Insurance Policy -- Ask Former and Current Financial Advisors
There is a wide range of people who might have known about the policyholder’s life insurance information, from bankers to attorneys to brokers.
Contact Your State’s Unclaimed Property Office
It is possible that your insurance company was aware of the death, but could not locate any beneficiaries. If this is the case, the insurance company will turn over the policy benefits to the state as “unclaimed property.”
While life insurance policies are a great way to help loved ones after a death, oftentimes these policies go unclaimed for numerous reasons. If you know or suspect that a deceased person had life insurance, there are numerous things you can do in order to track down the information you need and receive the money to which you are entitled.
Life insurance is often a way for people to ensure that loved ones will not suffer a large loss of income, in the unfortunate event of a death. If a policyholder neglects to inform the beneficiary of the life insurance, however, the policy might be unclaimed. This happens much more often that you would imagine. There is an estimated $1 billion in unclaimed policy money out there.
Even if you knew a person had life insurance but did not know under which company they were covered, the task of figuring it out can be nearly impossible. If you find yourself in a situation like this, there are steps to take that will help you track down the life insurance policy.
Continually Check the Life Insurance Policyholder’s Mail
If the person had a term life insurance policy, they will be getting bills or reminders to pay off their premium. Even if the policy is fully paid, oftentimes life insurance providers will send an annual reminder or statement of policy.
Locating a Lost Life Insurance Policy -- Search Through Financial Records
Hopefully you can find an old transaction to an insurance company for life insurance. You may find an old or cancelled check or a statement of receipt.
Locating a Lost Life Insurance Policy -- Review Old Tax Returns
If the person ever took a loan out on his or her life insurance policy, he or she would have had to pay interest in return to the provider. Additionally, insurance companies actually pay interest on permanent policies, so it is possible that the person received some income.
Locating a Lost Life Insurance Policy -- Check With Previous Employers
Oftentimes employers will keep records of an employee’s past insurance policies. This can be a good outlet for locating a missing life insurance policy.
Locate a Lost Life Insurance Policy -- Ask Former and Current Financial Advisors
There is a wide range of people who might have known about the policyholder’s life insurance information, from bankers to attorneys to brokers.
Contact Your State’s Unclaimed Property Office
It is possible that your insurance company was aware of the death, but could not locate any beneficiaries. If this is the case, the insurance company will turn over the policy benefits to the state as “unclaimed property.”
While life insurance policies are a great way to help loved ones after a death, oftentimes these policies go unclaimed for numerous reasons. If you know or suspect that a deceased person had life insurance, there are numerous things you can do in order to track down the information you need and receive the money to which you are entitled. |
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