Ways to Locate a Lost Insurance Policy once person is deceased.

Other than the obvious of searching through files, bank safe deposit boxes and other storage places to see if there are any insurance related documents for a lost life insurance policy. Try these helpful steps:

1.      Try searching Database (MIB)

http://www.mib.com/lost_life_insurance.html

Here you can get tips on how to do your search.

2.      Check with the State’s Unclaimed Property Office

If a life insurance company knows that an insured client has died but can’t find the beneficiary, it must turn the death benefit over to the state in which the policy was purchased as “unclaimed property.” If you know (or can guess) where the policy was bought, you can contact the state comptroller’s department to see if it has any unclaimed money from life insurance policies belonging to the deceased.

3.      Review the Deceased’s Income Tax Returns for the Past Two Years

Life insurance companies pay interest on accumulations on permanent policies and charge interest on policy loans. So check for interest income from and interest expenses paid to a  life insurance company or companies if they had more than one.

4.      Check Statements and Canceled Checks

Look for cancelled checks to any insurance companies, go back at least two years.

5.      Contact Financial Advisors and other Insurance agents

Contact these guys to see if they know of any life insurance the deceased may have bought without you knowing. Many times, they may have done it or know of the agent who helped them.

6.      Check the Mail for a Year Following the Death of the Policyholder

Often times the company may still send an annual notice regarding the status of the policy or notice of a dividend, if the policy is paid up.

7.      Contact a Private Service That Will Search for “Lost Life Insurance”

Several private companies will, for a fee, contact insurance companies on your behalf to find out if the deceased was insured. This service is often provided through their websites.

 ABM Insurance and Benefit Services offer Life, Auto, Home, Health, Commercial and more. Call us for any insurance need.  www.getagreatquote.com or 

call us at  1-800-362-2809.

 

 

 


By Mike Alexander March 30 2017 Posted In: Personal