Finding Life Insurance Policies: A Deceased Person's Guide

If you're responsible for sorting out a loved one's financial affairs after they die, you may need to find their life insurance policies. This can be a challenging and time-consuming task, but there are several steps you can take to locate the information you need. Firstly, search the deceased person's documents and correspondence, including paper and digital files, bank statements, tax returns, and other storage spaces for insurance-related documents. You can also check with the deceased's financial advisor, banker, and attorney. If this initial search doesn't yield any results, there are other options to try, such as submitting a request to the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator Service or contacting the state's Unclaimed Property Office.

Check the deceased's documents and correspondence

When a loved one passes away, locating their life insurance policy can be challenging. Here are some detailed steps to guide you through checking their documents and correspondence:

Paperwork and Storage Spaces:

Start by searching through the deceased's paperwork and storage spaces, including filing cabinets, drawers, and safes. Look for insurance-related documents, policies, applications, or premium notices. These documents may be paper or digital files. Check for any signs of a life insurance policy, annuity contracts, or other relevant information.

Bank Statements and Financial Records:

Review the deceased's bank statements and financial records for any evidence of payments to insurance companies. Look for checks, automatic drafts, or transfers made to insurance providers. Also, check for any incoming payments or deposits from insurance companies, which could indicate interest income or dividends from a permanent life insurance policy.

Mail, Email, and Correspondence:

Check the deceased's physical mail and email inbox for any correspondence from insurance companies. Even if policy payments are up to date, insurance providers may send annual notices regarding the status of the policy or statements of dividends. Additionally, look for premium or dividend notices, as well as any other relevant communication.

Tax Returns:

Review the deceased's tax returns for the past two years. Look for any records of interest income or expenses paid to life insurance companies. Life insurance companies often pay interest on accumulations on permanent policies and may provide information in tax documents.

Applications and Attached Documentation:

If you find any life insurance policies or applications, be sure to check the attached documentation thoroughly. These documents may include a list of other life insurance policies owned by the deceased at the time of application. Reviewing these can help you uncover additional policies or provide further information.

Remember that checking the deceased's documents and correspondence is just one part of the process. You may also need to contact financial professionals, utilize online search tools, or reach out to relevant organizations for assistance. It is important to be thorough and explore multiple avenues to increase your chances of finding the life insurance policy.

Submit a request to the NAIC Life Insurance Policy Locator Service

The National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator (LIPL) is a free online tool that helps connect consumers with their deceased loved ones' lost life insurance policies and annuity contracts. This service is available to anyone and can be used to find policies purchased anywhere in the United States.

To submit a request to the NAIC Life Insurance Policy Locator Service, follow these steps:

Step 1: Visit the NAIC Website

Go to the NAIC website (naic.org) on your web browser. Hover over "Consumer" and click on "Life Insurance Policy Locator" under "Tools".

Step 2: Review the Welcome Page and Agree to the Terms of Use

Review the welcome page of the Life Insurance Policy Locator tool and agree to the terms of use.

Step 3: Enter Your Personal Information

Enter your personal details, including your name, mailing address, and email address.

Step 4: Submit a Search Request

Submit a search request by providing the deceased's information from their death certificate. This includes the following:

• Social Security number
• Decedent's veteran status
• Your relationship to the deceased

Step 5: Click Submit

After filling out all the required fields, click on the submit button. Your request will be stored in a secure, encrypted database accessible only to participating life insurance and annuity companies through a secure portal.

You will receive a "Do Not Reply" email confirming the details of your request. If a policy is found and you are the beneficiary, the life insurance or annuity company will contact you directly. If no policy is found or you are not the beneficiary, you will not be contacted. It is important to note that the NAIC does not have any policy or beneficiary information.

For assistance or questions, you can contact the NAIC Help Desk at [email protected] or refer to the Frequently Asked Questions (FAQ) section on their website.

Contact the state's Unclaimed Property Office

When a loved one passes away, locating their life insurance policy can be challenging. If you are aware that a policy exists but are uncertain of its whereabouts, there are a few steps you can take.

Contacting the state's Unclaimed Property Office is one such step. When a life insurance company is aware that an insured client has died but cannot locate the beneficiary, they are required to turn the death benefit over to the state where the policy was purchased as "unclaimed property". The National Association of Unclaimed Property Administrators (NAUPA) has a free tool that can help you locate lost or unclaimed insurance money and other property. Simply select your state, and you can search the state's unclaimed property database to see if there is a record of any insurance benefits or money owed to you.

If you are unsure of the state where the policy was purchased, you can still use the NAUPA tool to search multiple states. The tool will take you to your state's unclaimed property database, where you can search for the deceased's name to see if there is any unclaimed property in their name.

In addition to contacting the state's Unclaimed Property Office, there are several other steps you can take to locate a lost life insurance policy. These include searching the deceased's documents and correspondence, submitting a request to the NAIC Life Insurance Policy Locator Service, and checking with the deceased's financial advisor or accountant. It is also worth noting that several private companies can assist in the search for a lost life insurance policy for a fee.

Search the deceased's bank statements

When a loved one passes away, locating their life insurance policy can be challenging. Here are some steps you can take to find life insurance policies by searching through the deceased's bank statements:

Check for Checks or Automatic Drafts

Look for any checks written to insurance companies or automatic drafts from life insurance providers. These transactions could indicate the existence of a life insurance policy. Check the deceased's bank statements carefully for any such payments.

Review Interest Income or Expenses

Life insurance companies often pay interest on permanent policies and charge interest on policy loans. Review the deceased's bank statements for any interest income or expenses related to life insurance. This can help identify the presence of a life insurance policy.

Analyze Premium Payments

Life insurance companies typically charge regular premiums. By examining the bank statements, look for recurring payments to insurance companies. These premiums could be monthly, quarterly, or annual payments. Any such payments could be a sign of an active life insurance policy.

Identify Dividend Notices

In some cases, life insurance companies send annual notices regarding the status of the policy or statements of dividends. These notices may be sent even if the policy payments are up to date. Keep an eye out for any such dividend notices or status updates from insurance companies among the deceased's bank statements.

Contact the Bank

If you have access to the deceased's banker or financial adviser, they may be able to provide valuable information. They can help review the bank statements and identify any transactions related to life insurance. They may also have additional records or knowledge about the deceased's financial affairs, including insurance policies.

By following these steps and carefully examining the deceased's bank statements, you may be able to find evidence of life insurance policies. It is important to be thorough and patient during this process, as locating relevant information can be time-consuming and emotionally challenging.

Contact the deceased's financial advisor

If you are responsible for sorting out a deceased person's financial affairs, you may need to find their life insurance policies. Contacting their financial advisor is a good place to start.

Financial advisors often have detailed knowledge of their clients' finances and may be able to help you locate any existing policies. If their client gave them permission, an advisor may have already contacted the life insurance agency and could help beneficiaries file a claim. If the financial advisor is unable or unwilling to help, ask the executor to reach out to the financial advisor. Executors should be able to share the life insurance company name with you if you are a beneficiary.

If you are unable to find the deceased's financial advisor, or if the advisor is unable to help, there are other steps you can take to locate any life insurance policies. These include:

• Reviewing the deceased's financial and personal records for proof of a life insurance policy, such as a copy of the policy or a document identifying the insurer.
• Checking with sources like the National Association of Insurance Commissioners (NAIC), which has an online Life Insurance Policy Locator Service.
• Contacting the deceased's former employers, as they may have information about insurance purchased through company benefits or as part of an employee's pension.
• Checking with the deceased's auto or home insurance agent, as they may have purchased life insurance through them.
• Reviewing the deceased's income tax records, as these may show interest income from a permanent life insurance policy or interest paid on any loans if the deceased borrowed against their life insurance policy.

Frequently asked questions