In an ideal world, people would inform their beneficiaries that they had life insurance and may expect to receive money when they die. They would also be open about the name of the life insurance company and where to get the paperwork to file a claim when the time comes.
But this does not always happen. Talking about death can be uncomfortable, so policyholders frequently avoid discussing it with those who are most important to them.
If you know — or suspect — that you are a beneficiary, there are a few options for locating a lost policy and obtaining the information required to submit a life insurance claim.
Scenario 1: You know the name of the life insurance company
If you know whose insurer issued the policy, there is no need to seek for policy documentation. The company will have the necessary information, such as the policy number and the names of the beneficiaries.
You will need to establish your identification, however. When contacting the insurer, keep your Social Security number or driver’s license accessible, as well as a certified copy of the policyholder’s death certificate. You’ll probably be asked for information on the dead, such as their Social Security number and date of birth.
Scenario 2: You don’t know the name or whether the person had a policy
There are several ways to find proof of a life insurance policy.
Go through the deceased’s documents
Look for a copy of a life insurance policy in their paperwork, storage area, or bank safe deposit box. If you are not the executor of the deceased’s estate, you must obtain a court order to access a safe deposit box.
Check out digital files on the person’s computer, external hard drive, or cloud system. Keep in mind that some life insurance policies extend decades or even a lifetime, so you may need to sift through records dating back many years.
If you come up short, here are more places to look:
- Bank statements. Keep a look out for payments or cheques to life insurance providers.
- Tax returns. If your loved one had permanent life insurance, the policy may have begun to accrue cash value, or they may have borrowed against it. In certain circumstances, you may see a record of interest income or expenses paid to a life insurance firm on their tax returns.
- Email or mail. The insurer may have sent premium payment reminders, annual statements, dividend letters, or marketing materials to the policyholder’s email or postal address.
- Contact lists. The person’s phone or address book may contain the name of their life insurance agent or broker.
Use a life insurance policy locator tool
The National Association of Insurance Commissioners, or NAIC, provides a free Life Insurance Policy Locator service to help beneficiaries discover policies and receive the benefits to which they are entitled.
To make a request, you must include information about your relationship with the deceased, as well as their legal first and last name, date of birth, date of death, and Social Security number. The NAIC then invites participating insurers across the country to scan their databases for a match. If they identify one and you are a listed beneficiary, the insurer will contact you about the following steps.
According to the NAIC, it can take many months to receive a response from insurers.
Turn to your state’s insurance department
Some state insurance departments, such as California, Illinois, Louisiana, New Jersey, New York, North Carolina, Michigan, and Oregon, provide search tools.
When you make your request, the government will forward it to life insurance firms that are licensed to conduct business in that state. If a policy is discovered, the insurer will contact you, assuming you are legally permitted to receive the information, or it will look for the policy’s beneficiary.
The searches will only be useful if the policyholder purchased the coverage in that state. For example, if your relative purchased a policy while residing in Texas and subsequently relocated to New York, the New York search system will return no results. You’ll need to use the Texas Policy Locator service. Typically, you will need to give basic information on the deceased, such as their birth and death dates, as well as a copy of their death certificate.
Check with unclaimed property programs
If a life insurance company knows a policyholder has died but cannot locate the beneficiaries, the money will eventually be turned over to the “unclaimed property” office of the state where the policy was purchased.
The National Association of Unclaimed Property Administrators provides links to all state programs. While this tool is useful, it will not help you if your loved one passed away recently. Many states require three to five years for a life insurance death payment to become unclaimed property.Â
Reach out to the employer
Many people receive group life insurance through their company, and this coverage is usually linked to employment. If the deceased was still employed when they died, contact the company’s benefits or human resources department to inquire about current rules.
Some member organizations, such as unions or veterans’ clubs, provide life insurance as part of their benefits, so contact any associations to which the deceased belonged.
Ask financial advisors, accountants, bankers or lawyers
Your loved one may have worked with financial or legal specialists to handle their finances, will, or estate. These folks may know if your relative had a life insurance policy.
The same applies to insurance agents. Your relative may have discussed life insurance with his or her auto, homeowners, or renters insurance agent — or even purchased a policy from the same insurer.
Try the MIB Group
The MIB Group keeps a database of life insurance applicant information dating back to 1996. Insurance firms use the database to trade consumer information. If your relative applied for individual life insurance after 1995, MIB most likely has a record.
While MIB will not know if your relative purchased the coverage, knowing where he or she applied is a valuable clue. The MIB Policy Locator Service costs $75.
