0
Do you know what to do about finding a lost life insurance policy? You may not think too much about this, but for many people, this is an everyday occurrence. They lose a loved one and know they carried a life insurance policy, but they can't find it. They have no idea who the life insurance company was that wrote the policy.
This happens a lot. In fact, more than one-fourth of all life insurance death benefits are never claimed. That is amazing. The policies were paid for over the years in the event of the insured's death to protect their family and now no one has any idea where the missing life insurance policy is.
Under federal law, all death benefits that are unclaimed go into a trust until they are ever claimed. Consider that last year nearly $23 billion was put into the fund, with only $1 billion getting claimed. That is a huge amount of money. What can you do in the event you know there is missing life insurance policy?
- If you have access to their personal records, go through old bank statements or canceled checks to see if they paid any insurance companies.
- Did they have a personal lawyer or accountant who may have known about any old policies?
- Talk with a past employer about any group life insurance policy that may have existed.
- Get in touch with the Medical Information Bureau. They track all requested medical records by insurance companies for the past 7 years. So, if they took out the policy during this time period, most likely the MIB will know about it. You can find more information about them online.
- Look at the mail that continues to be delivered after the person's death. If it was a policy that was still being paid for, you'll see premium notices.
- Look at income tax returns to see if interest dividends on any life policy were claimed.
There is no time limit on claiming the benefits of any missing life insurance policy that you are the beneficiary of. It can be 25 years later and the company will still pay you the proceeds.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
How can you find out online if you are owed unclaimed life insurance money?
There are many websites available that make it easy to look up if you are owed unclaimed life insurance money. Two well known sites are MissingMoney and Unclaimed.
Does a life insurance company have a legal to inform beneficiaries of an unclaimed policy?
Well, life insurer has the legal responsiblity to intimate the beneficiary during maturity of the policy. But though it is not legally binding, the life insurer ought to send reminder to the beneficiary about unclaimed policy amount, to maintain cordial relationship with the insured/beneficiary of the policy.
How to find out if a life insurance policy was taken out and then cashed in upon their death?
How do I find out if my deseased father has a life insurance policy
How can I find out if a deceased family member had Life Insurance?
If you suspect a deceased family member had any life insurance, but you cannot find a policy, there are several things you can do to find policies. If the deceased had a policy through work you can contact the Human Resoures department. They will know what benefits the deceased had. You can also check with any credit cards companies the deceased used. There may have been death insurance through the credit card. For individual policies you can use one of the paid search companies to find the policy for you. Do a search using "find lost life insurance policy" or "missing life insurance policies" and you will find some reputable search companies. You should be aware that insurance companies do not turn policies over to State Unclaimed Property accounts unless they know the person has died and they cannot find the beneficiary. So searching unclaimed asset sites is a waste of time. The beneficiary has to find the policy if they hope to collect any benefits. That's why it's usually easiest to use a paid service.
How can I find out if a deceased family member had any life insurance?
If you suspect a deceased family member had any life insurance, but you cannot find a policy, there are several things you can do to find policies. If the deceased had a policy through work you can contact the Human Resoures department. They will know what benefits the deceased had. You can also check with any credit cards companies the deceased used. There may have been death insurance through the credit card. For individual policies you can use one of the paid search companies to find the policy for you. Do a search using "find lost life insurance policy" or "missing life insurance policies" and you will find some reputable search companies. You should be aware that insurance companies do not turn policies over to State Unclaimed Property accounts unless they know the person has died and they cannot find the beneficiary. So searching unclaimed asset sites is a waste of time. The beneficiary has to find the policy if they hope to collect any benefits. That's why it's usually easiest to use a paid service.
How do you claim prudential demutualization?
Prudential Demutualization occurred around 2002. You should check your state's unclaimed property website.If you have outstanding Prudential demutualization shares, this also means that there is or was a current life insurance policy in the name of whoever has the demutualization.If you find unclaimed property that mentions "prudential demutualization" for a deceased relative - this could mean that there is an unclaimed lost life insurance policy on them as well!We just found out that a policy started in 1952 for my late aunt is still in force and my grandmother will be receiving proceeds on a 58 year old policy!You can contact Prudential at:1-800-778-2255
How do you find lost life insurance?
If you believe someone has a life insurance policy but you cannot find the actual policy or who the coverage is with you can get help through The Center for Life Insurance Disputes.
Should the insurance company contact the insured person when a life insurance policy matures?
When the policy matures, an attempt must be made to contact the policyowner at the last address the insurance company has. But if they have moved and not notified the insurance company, after a few months, the maturity value of the policy will be sent by the company to the State that they operate in as unclaimed property. If the policy simply ends - such as with a term life policy - the policy will state the date when coverage ends.
How do you find out if you have a life insurance policy?
One way to find a lost or missing life insurance policy is with the help of The Center for Life Insurance Disputes. They can help you locate policies that have been lost or forgotten about.
How do you find a life insurance policy after the death of policy holder?
no
What happens if someone dies and has no beneficiary on his life insurance policy?
In that case, the money will be kept deposited with the insurance company as unclaimed amount. In absence of the beneficiary, the insurance company can pay the money to the legal heir of the policy holder, but that has to be sufficiently proved in the Court of Law.
Life Insurance Policy?
form_title=Life Insurance Policy form_header=Protect your loved ones with a lifetime of financial security. Find a life insurance policy customized to fit your needs. What type of life insurance policy do you want to buy?= () Term Life Insurance () Permanent Life Insurance () Both () Not Sure How large of a life insurance policy do you want to buy?=_ Who will it cover?=_ Who would you list as beneficiary?=_
