Life Insurance Benefits: Florida's Public Record Law Explained

Life insurance benefits can become public record in Florida when a beneficiary cannot be located. Florida law requires insurance companies to compare the records of their insured's life insurance policies against the Social Security Administration's Death Master File. If a beneficiary cannot be located, the insurance company must remit the applicable funds to the Department of Financial Services' Division of Unclaimed Property, where families can search for the funds. The National Association of Insurance Commissioners (NAIC) also offers a free Life Insurance Policy Locator service to help consumers locate benefits from life insurance policies purchased anywhere in the United States.

Locating a lost life insurance policy

Firstly, search through the deceased's documents and correspondence, both physically and digitally. This includes paper files, storage boxes, computer records, email accounts, cloud accounts, safe deposit boxes, and address books. An address book may list the name of an insurance agent who sold the policy, and the deceased's contacts on their phone may also be useful.

Next, call any financial professionals the deceased previously used, including accountants, attorneys, investment advisors, bankers, insurance agents, and anyone else involved in their personal finances. Review other life insurance applications, as these will list any other policies held at the time. Check credit card statements, auto-payments, check registers, and cancelled checks for payments to life insurance companies.

Check the deceased's mail and email for a year after their death for premium or dividend notices from the life insurance company. Insurers often send annual notices. You should also review the deceased's tax returns for the past two years for any records of interest income or expenses paid to life insurance companies.

If you are still unable to locate the policy, you can submit a request to the NAIC Life Insurance Policy Locator Service. This free online tool will ask participating companies to search their records to determine whether they have a life insurance policy in the name of the deceased. If they do, the company will respond to you if you are the designated beneficiary or are authorized to receive the information. You will need information from the death certificate, including the social security number, legal first and last name, date of birth, and date of death.

You can also contact Florida's Bureau of Unclaimed Property. If the insurance company is aware that the policyholder has died but cannot locate the beneficiary, they will transfer the death benefits to the state. You can search Florida's unclaimed property database through FLTreasureHunt.gov.

If you encounter any challenges, remember that there are fee-based services available that can assist you with the search. You can employ a private service to help find the policy, or contact a lawyer with expertise in this area.

Florida's unique laws on life insurance

Florida, like every other state, has its own unique laws regarding life insurance policies. These laws dictate how life insurance works in the state, including who can be a beneficiary, how death benefits are paid out, and what happens in the event of a divorce or dispute.

Who Can Be a Beneficiary?

In Florida, people, organisations, businesses, and one's own estate can be designated as life insurance beneficiaries. However, minor children cannot be beneficiaries. If they are named as such, the court will appoint a guardian to manage the funds until they come of age. As an alternative, the insured can create a trust for their children and name the trust or an adult custodian as the beneficiary.

In the event of the insured's death, the insurance company will first try to locate and pay the named beneficiary. If the named beneficiary has died or the designation is invalid, the company will then try to locate and pay the alternate beneficiary, also known as the "contingent beneficiary." If neither the named nor the alternate beneficiary is available, the death benefits can be paid to the insured's estate, with proceeds distributed according to their will. If the insured died intestate (without a will), their estate, including the death benefit, will be distributed to their heirs according to Florida's intestate succession laws.

In Florida, the designation of an ex-spouse as a beneficiary is automatically invalidated by state law. However, if the insured wishes to retain this designation, they must reaffirm it following the divorce. This often occurs when the insured is obligated to pay spousal or child support, and the court orders them to maintain life insurance to guarantee this income stream.

Disputes

Disputes over beneficiary designations can arise, and Florida courts will consider extrinsic evidence to determine the insured's intent if they attempted to change the beneficiary but did not do so correctly. If a previously named beneficiary alleges that the insured was coerced into changing the designation, the court will examine evidence about the insured's health, state of mind, and the new beneficiary's role in their life at the time of the change.

Public Records

While Florida strives to make insurance-related records, data, and documents available to the public, life insurance benefits do not automatically become public record. However, unclaimed life insurance proceeds can become public record through the state's unclaimed property database. This occurs when an insurance company is aware of an insured client's death but cannot locate the beneficiary, so they remit the death benefit to the state as "unclaimed property."

Who can be a life insurance beneficiary in Florida

In Florida, a life insurance beneficiary can be a person, people, organisation, business, or your estate. However, minor children cannot be beneficiaries, and if they are named as such, the court will appoint a guardian to receive and manage the funds on their behalf until they reach the age of majority.

An insured person wishing to leave life insurance proceeds to minor children might instead create a trust for their benefit and name the trust as the beneficiary, or name an adult custodian of the funds as the beneficiary.

The National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator Service is a free online tool that can help locate lost life insurance policies. Once a request is received, the NAIC will ask participating companies to search their records to determine whether they have a life insurance policy in the name of the deceased. If they do, the participating company will respond to the designated beneficiary or the person authorised to receive the information.

How to search for unclaimed life insurance benefits

If you believe you are a beneficiary of a loved one's life insurance policy but are unsure how to claim the benefits, there are several ways to find out. Here are the steps you can take to locate an unclaimed life insurance policy:

Contact the insurer directly:

If you know which company holds the policy, reach out to them directly. They can inform you if you are named as a beneficiary and guide you through the process of filing a claim.

Sort through paperwork:

Check the deceased's filing cabinet, safe-deposit box, or other storage spaces for records of a life insurance policy. Old tax returns and bank statements may also provide clues about the existence of a policy. Remember that going through paperwork can be time-consuming and emotionally challenging, so consider seeking support from family or friends during this process.

Search with the National Association of Insurance Commissioners (NAIC):

NAIC offers an online Life Insurance Policy Locator Service that searches the records of participating life insurance companies using the deceased's name. This service is free, confidential, and user-friendly.

Contact the financial advisor:

Get in touch with the deceased's financial advisor or accountant, as they may have already contacted the life insurance agency and can assist beneficiaries in filing a claim. If an executor has been appointed, they should be able to share the life insurance company's name, enabling you to reach out directly.

Conduct a free search with the National Association of Unclaimed Property Administrators (NAUPA):

NAUPA provides a free tool to locate lost or unclaimed insurance money and other property. Simply select your state, and you can search for any record of insurance benefits or money owed to you.

Contact previous employers:

Many companies offer life insurance as part of their employee benefits packages. Contact the HR department of your loved one's recent employers to inquire about any records of life insurance policies for past employees.

Try the state insurance department:

Unclaimed life insurance policies are eventually transferred to the state insurance department if the insurer is aware of the policyholder's death but cannot locate the beneficiary. NAIC can provide contact details for the relevant state insurance department. Remember to check with departments in other states if the deceased lived in multiple locations.

Contact state officials:

Reach out to your state's insurance department to locate your loved one's life insurance policy. Keep in mind that the policy may have been purchased in a different state than where the deceased passed away, so it's worth checking with other states they previously resided in.

Work with a third-party company:

Several third-party companies can assist in locating unclaimed life insurance policies. Contact the National Association of Unclaimed Property Administrators or the National Association of Insurance Commissioners to find out if you have any unclaimed funds.

Be aware of special challenges:

There may be circumstances that complicate your search. For example, the insurance company may have changed its name, merged with another company, or sold the policy to a different company. In such cases, NAIC provides guidance on locating insurance companies that have undergone name changes, mergers, or policy sales. Additionally, if the company has gone bankrupt, contact the state life and health guaranty association for assistance.

Consider fee-based services:

If you're having difficulty locating a policy, fee-based services are available. MIB, an insurance membership corporation, offers services to find evidence of life insurance applications, although this does not guarantee the purchase of a policy. Private companies can also assist in your search for a lost policy for a fee.

How to request a public record

In Florida, there are a few ways to request a public record. The Office of Insurance Regulation (OIR) makes an effort to make its records, data, reports, and other documents available on its website. The OIR website includes categories for frequently requested information, such as Citizens' Take-Out Company Information, Federal Health Care Insurance, and General Insurance Company Information.

If you are looking for a specific public record, you can submit a request to the OIR's Public Records Office. You can do this by mail, email, or phone. The contact details for the Public Records Office are as follows:

Office of Insurance Regulation

Attn: Public Records Office

200 E Gaines Street

Tallahassee, Florida 32399-4206

850) 413-4223

[email protected]

It is important to note that under Florida law, email addresses are considered public records. If you do not want your email address to be released, it is recommended that you contact the office by phone or in writing instead. Additionally, when making a public records request, you are not required to provide your name, explain the reason for your request, or submit your request in writing.

If you are looking for a life insurance policy, there are a few additional steps you can take. You can search through the deceased's documents, bank statements, mail, email, and tax returns for any insurance-related information. You can also talk to the deceased's banker, financial advisor, and attorney. If you are unable to locate the policy, you can submit a request to the NAIC Life Insurance Policy Locator Service, a free online tool that can assist in locating life insurance policies. You will need information from the death certificate, including the social security number, legal name, date of birth, and date of death.

Another option is to contact the state's Unclaimed Property Office, as life insurance companies are required to turn over death benefits to the state as "unclaimed property" if they are unable to find the beneficiary. You can search the National Association of Unclaimed Property Administrators' website, which provides a search tool to access your state's unclaimed property database.

Frequently asked questions