How to Find a Lost Life Insurance Policy

A 2016 CBS 60 Minutes report revealed that audits of the largest U.S. life insurers led 25 carriers to dole out over $ 7.5 billion in amateur benefits. Before that, a 2011 audited account ordered by the Texas Comptroller ’ second Unclaimed Property Division uncovered over $ 178 million worth of unpaid proceeds due to Texans .

There are steps you can take to find a lose policy and obtain its benefits if you believe you may be the benefactive role .

Why Life Benefits Go Unclaimed

Life indemnity proceeds can go unclaimed for a few reasons. Sometimes beneficiaries don ’ t know they ‘re named on the policy, or that one even exists. They may have moved from the address listed on the contract, so the insurance company ca n’t locate them. They may not know how to file a title if the insurance company goes out of business and transfers its policies to another without notifying beneficiaries .

The insurance company may lose contact, ending the paper trail, if the policyholder moves and does n’t submit a change of address. In some cases, the insurance company doesn ’ metric ton know they ‘ve died because no matchless sends a death comment .

Who Can Claim a Lost policy

A beneficiary should file a claim after a death, but an estate lawyer, trustee, or family member might file the claim rather. funeral homes may do so when the proceeds will pay for burial expenses. But entirely beneficiaries can collect the benefits even if person else files the title .

What you must submit to file a call can vary by insurance company. You may need to provide a few things :

  • The deceased’s Social Security number
  • Their dates of birth and death
  • The manner of death, such as natural causes
  • The name of the funeral home
  • One or more copies of the death certificate
  • A copy of the beneficiary’s government-issued ID, such as a driver’s license or passport

Some insurers will allow you to submit a claim over the phone or on-line, while others will make you do indeed via escargot mail.

search for Unclaimed Benefits Online

You can turn to the National Association of Insurance Commissioners ( NAIC ) Life Insurance Policy Locator Service if you ’ re diffident if a sleep together one had one. This on-line service asks that you enter data about the die, such as their appoint, end know address, dates of birth and death, and Social Security act .

The NAIC then submits this information to participating indemnity companies. Each carrier then searches its records to see whether your loved one ’ randomness data matches the data of any of its policyholders .

The NAIC ’ s locator service doesn ’ deoxythymidine monophosphate provide blink of an eye results. It can take up to three months before they find a policy for your sleep together one, then it may ask you to send a copy of the death certificate before you can move forward with a call .

The NAIC ’ s exempt locator overhaul helped more than 46,600 beneficiaries find policies and annuities with payouts of more than $ 650 million by 2019. It ‘s best to use this serve soon after a love one passes. Go to the National Association of Unclaimed Property Administrators ( NAUPA ) website if you do n’t begin your research for years after a love one has died. The site includes a map that links to the unclaimed property units in every submit. They oversee all types of unclaimed funds, including life indemnity. You can search its records .

You can file a collection request if you find proceeds or other funds that are owed to you. The means will probable contact you via e-mail, telling you how to claim your money. They may request a copy of your ID, your Social Security total, and proof that you reside or once resided at the address associated with the baffled property .

Processing times change by express. It can take up to 180 days in California.

other Places to Find information

NAIC and NAUPA can help you find a confused policy, but they can take three to six months to do so. It ‘s much easier to find it through antique detective solve. You have a few options here .

  • Search for files: Search for financial documents in your loved one’s home and safe deposit boxes if you have access to them. Keep in mind that some people store papers in odds ways, such as in shoe boxes, bags, under beds, and in dresser drawers. Search for applications because these may list other policies.
  • Examine mail: Look through the deceased’s mail for dividend or premium notices. Review all bank statements, searching for payments that were made to insurers.
  • Examine tax returns: Review the deceased’s tax returns, searching for interest income from a policy.
  • Contact financial advisors: Accountants, lawyers, estate planners, and financial advisors hold a wealth of information about their clients. Contact them to ask whether you think your loved one sought the help of someone in one of these roles.
  • Contact former employers: Contact the deceased’s former employers to find out whether they offered a sponsored group policy and whether your loved one made use of it.

frequently Asked Questions ( FAQs )

What happens to unclaimed life insurance policies?

State laws differ in terms of how unclaimed animation indemnity policies are handled and when local anesthetic govern bodies take over. Most policies are finally claimed, and many insurers will work to track down beneficiaries when policies remain unclaimed. finally, the proceeds will be turned over to the state of matter and handled according to its unclaimed property laws.

How long do you have to claim unclaimed life insurance money?

There is normally no time limit for claiming life policy benefits. equally long as the policy was in consequence, and payments were current when the insured person died, you can claim it anytime .

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