Life Insurance: Looking Out For Your Future

If you're looking to find out whether a deceased relative had life insurance, there are several steps you can take to find this information. Firstly, you can search through their personal belongings, including paperwork, address books, and planners. You can also check their bank statements for payments to life insurance companies and their mail for premium notices or updates. Another option is to contact the person's employer, as they may have had an employer-provided group life policy. Additionally, you can reach out to their financial or legal advisor, who may have the necessary policy documents. Online search tools, such as the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator, can also assist in locating missing life insurance policies. This free service allows you to submit a request by entering the deceased's information, and if a policy is found, the insurance company will contact you directly.

Search personal belongings

If you're trying to find out whether a loved one had life insurance, searching through their personal belongings is a good place to start. Here are some tips to help you with your search:

Paperwork and Records

Check through the person's paperwork and records at home and at work. This includes their safety deposit box, although accessing this may be difficult and requirements vary by state. You'll usually need to have the key to the box, a copy of the death certificate, proof of your relationship to the deceased, and a photo ID.

Look for the following:

• The policy documents, which will have the name and contact information of the insurer, the name of the beneficiary, and the death benefit amount.
• Business cards of insurance agents, attorneys, accountants, or financial advisors who may have helped secure a policy.
• Bank statements or cancelled cheques, which may show payments to life insurance companies.
• Address books and planners, which may contain useful contacts.
• Old bills and mail, as life insurance companies will continue to send premium notices and updates.

Digital Storage

Check any shared digital storage or external hard drives the person had for any saved policy documents. If the device is password-protected or encrypted, you may need a court order to access it. Try to locate any password information that could give you login credentials for financial and other digital accounts.

Contact People Who May Know

Speak to the deceased's friends, family members, and acquaintances, as they may know something about their benefits. The person may have confided in people outside of the immediate family, such as friends, spiritual leaders, doctors, or members of social groups.

Also, contact the deceased's financial advisors, such as accountants, attorneys, financial planners, bankers, or business partners, as they may have records of any life insurance purchases. If the person had home or auto insurance, their insurance agent may also know if they had life insurance.

Use Online Search Tools

Several websites offer free search tools to help locate unclaimed assets, including death benefits:

• National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator
• National Association of Unclaimed Property Administrators (NAUPA) - Unclaimed.org
• MissingMoney.com, endorsed by NAUPA
• State Controller's Office Life Insurance Settlement Property Search engine

Check old bills and mail

If you're trying to find out whether a loved one had life insurance, one of the recommended steps is to check old bills and mail. Life insurance companies will continue to send premium notices and updates via mail and/or email, so be sure to check your loved one's postal mail and email inbox. Credit card and other financial statements may also help you find out if a policy exists.

When searching through old mail, look for company statements or billing reminders. Life insurance companies will send premium notices and updates, so check for these. If the policy payments are up to date, there may be no notice of premium payments due, but the company may still send an annual notice regarding the status of the policy or a statement of a dividend.

Check bank statements for cheques or automatic drafts to life insurance companies. Bank statements or cancelled cheques may show payments to life insurance companies. If the insured person was still paying for their policy before they died, you might find withdrawals for premiums in their financial statements.

If you find any business cards of insurance agents, attorneys, accountants, or financial advisors, these may be useful contacts who can help you find out if a policy exists.

Contact employers and member organisations

If you're trying to find out whether a deceased loved one had life insurance, it's a good idea to contact their employers and member organisations. Many people receive free or low-cost life insurance policies through their work or as a member benefit. Even if your loved one was retired or no longer active in these groups, the policy could still be in place.

You can also contact past employers, as your loved one may have been a certificate holder of an employer-provided group life policy. If they were employed when they passed away, they might have had subsidised group life insurance. Their former employer should be able to help direct you to the policy information if this is the case.

Member organisations are also worth contacting. If your loved one was part of a union, veterans group, or other organisation, they may have gotten life insurance through them.

There are several websites that offer free search tools to help you find unclaimed assets, including death benefits. You can simply type your loved one's name into the search box at any of the following sites:

• National Association of Insurance Commissioners - Life Insurance Policy Locator
• National Association of Unclaimed Property Administrators - Unclaimed.org
• National Association of State Treasurers - NAST.org
• MissingMoney.com: This site, endorsed by the National Association of Unclaimed Property Administrators (NAUPA), aggregates state records of unclaimed funds.
• NAUPA: NAUPA’s own search tool allows you to search for unclaimed money by state.

Do an online search

If you're trying to find out whether a deceased relative had life insurance, one of the steps you can take is to do an online search.

The National Association of Insurance Commissioners (NAIC) has created a Life Insurance Policy Locator service to help consumers locate benefits from life insurance policies or annuity contracts purchased anywhere in the United States. This is a free online tool that can be accessed via the NAIC website. You will need to enter your name, mailing address, email address, and the deceased's information, including their Social Security number, veteran status, and your relationship to them. If a policy is found and you are the beneficiary, the insurance company will contact you directly.

In addition to the NAIC tool, there are several websites that offer free search tools to help users find unclaimed assets, including death benefits. These include the National Association of Unclaimed Property Administrators' Unclaimed.org, and MissingMoney.com, which is endorsed by the NAUPA.

Some states also let you search for a policy through their Department of Insurance (DOI) site.

Call your state insurance commissioner's office

Calling your state insurance commissioner's office can be a helpful step when looking for life insurance. These offices can provide information and assistance related to insurance matters, and their contact details are usually available on their respective websites. For example, the Washington state Office of the Insurance Commissioner offers a range of services, including helping individuals find lost life insurance policies and locate unclaimed life insurance benefits.

Additionally, the National Association of Insurance Commissioners (NAIC) provides resources and tools such as the Life Insurance Policy Locator, which is a free online tool that helps individuals find their deceased loved one's life insurance policies and annuity contracts. This tool can be accessed by creating an account on the NAIC website, logging in, and entering the required information.

When considering life insurance, it is important to shop around and compare different insurers to find the best policy at a competitive price. Online resources and independent insurance agents can assist in comparing insurers and finding the right coverage for your needs. It is also recommended to evaluate a company's financial stability, customer satisfaction, and testimonials before making a decision.

Furthermore, when applying for life insurance, individuals should be prepared for the underwriting process, which includes a medical exam and a health questionnaire. Providing truthful information is essential, as false details could impact coverage. After obtaining life insurance, it is crucial to review the policy documents carefully and conduct periodic reviews to ensure the coverage remains aligned with any significant life changes.

Frequently asked questions