Finding Life Insurance: Locating Your Provider And Coverage

Life insurance is a crucial aspect of financial planning, providing peace of mind and financial protection for loved ones. However, it can be challenging to navigate the complexities of insurance policies, and many individuals are unsure about the details of their coverage or even how to locate their life insurance company. This is further compounded by the dynamic nature of the insurance industry, with companies frequently changing names, merging, or selling policies to other insurers. This has created a situation where beneficiaries struggle to claim benefits, resulting in millions of dollars in unclaimed life insurance benefits annually. To address this issue, the National Association of Insurance Commissioners (NAIC) has introduced a Life Insurance Policy Locator service, aiding individuals in finding their policies or those of deceased relatives. This free service guides consumers through the process of locating their insurance providers and making claims, ensuring that beneficiaries receive the financial support intended for them.

Check the deceased's documents and correspondence

If you suspect that your loved one had a life insurance policy, the first step is to conduct a diligent search of their records. Searching through the deceased's documents and correspondence can help you gather evidence of any existing policies and relevant information. Here are some detailed steps to guide you through this process:

Paper and Digital Files:

Go through the deceased's paper files, such as their filing cabinet or any storage spaces they used for important documents. Search for insurance-related papers, policy applications, or other financial records that might indicate the existence of a life insurance policy.

Bank Safe Deposit Boxes:

Check if the deceased had a bank safe deposit box. These boxes are often used to store valuable items and important documents, including insurance policies, certificates, or other relevant financial information.

Bank Statements and Cancelled Checks:

Review the bank statements and cancelled checks of the deceased. Look for payments made to life insurance companies or automatic drafts related to insurance premiums. These transactions can provide clues about the insurance provider and help you identify the company they were associated with.

Mail and Email Communications:

Check the deceased's mail and email for premium or dividend notices. Even if policy payments are up to date, some companies send annual notices regarding the status of the policy or statements of dividends. Emails or letters from insurance companies can provide valuable information about the policies they held.

Tax Returns:

Review the deceased's tax returns, especially for the past two years. Life insurance companies often pay interest on accumulations on permanent policies and charge interest on policy loans. Look for records of interest income or expenses paid to life insurance companies in their tax documents.

Contact Relevant Professionals:

Talk to the deceased's banker, financial advisor, and attorney. These professionals may have knowledge of their financial affairs, including any life insurance policies they held. They can provide guidance or direct you to the appropriate resources for locating the policy.

Remember that going through a loved one's documents can be a time-consuming and emotionally challenging process. Take your time and don't hesitate to seek support from family, friends, or professionals if needed.

Submit a request to the NAIC Life Insurance Policy Locator Service

If you're trying to locate a loved one's life insurance policy, the National Association of Insurance Commissioners (NAIC) has a Life Insurance Policy Locator Service that can help. This free online tool can be used to find your deceased loved one's life insurance policies and annuity contracts. Here's a step-by-step guide on how to submit a request to the NAIC Life Insurance Policy Locator Service:

• Go to the NAIC website (naic.org) using your web browser.
• Hover your cursor over "Consumer" and then click on "Life Insurance Policy Locator" under the "Tools" section.
• Review the welcome page and agree to the terms of use.
• Enter your personal information, including your name, mailing address, and email address.
• Submit a search request by providing the deceased's information from their death certificate. This includes their Social Security number, veteran status, and your relationship to the deceased.
• Click on the submit button.

Once you've submitted the request, it will be stored in a secure, encrypted database. Participating life insurance and annuity companies can access this information through a secure portal. You will receive a confirmation email with the request details you submitted. If a policy is found and you are the beneficiary, the insurance company will contact you directly. Please note that if no policy is found or you are not the beneficiary, you will not be contacted. The NAIC does not have any policy or beneficiary information.

Before submitting a request to the NAIC Life Insurance Policy Locator Service, it is recommended that you conduct your own diligent search of the deceased person's records. Here are some tips to help you with your search:

• Look through the decedent's records, including their safety deposit box.
• Contact their previous employer, as they may have been a certificate holder of an employer-provided group life policy.
• Check bank accounts and cancelled cheques to see if payments were made to a life insurance company.
• Get in touch with the decedent's auto or home insurance agent, as they may have purchased life insurance through them.
• Review the decedent's income tax records.
• Check with the State Controller's Office Life Insurance Settlement Property Search engine or give them a call. By law, life insurance companies must report and deliver property to the California State Controller's Office after there has been no activity or contact with the owner for a certain period, usually three years or more.

Contact the state's Unclaimed Property Office

If you are looking for a loved one's life insurance policy and are unsure where to start, you can try contacting your state's Unclaimed Property Office. Each state has different rules on how long it takes for a policy to be considered dormant, but it's typically between three and five years. In Arizona and North Dakota, the dormancy period is one year.

If the policyholder has died and the beneficiary hasn't been found, the funds are declared unclaimed or "dormant". After this period, you can search for unclaimed funds in the state where the deceased last resided or where they bought their policy.

The National Association of Unclaimed Property Administrators (NAUPA) has a free tool to help you locate lost or unclaimed insurance money and other property. Select your state, and you can see if there are any insurance benefits or money owed to you.

If you are looking for a missing life insurance policy or annuity contract, the National Association of Insurance Commissioners (NAIC) has created a Life Insurance Policy Locator service. This free, confidential, and easy-to-use service allows you to search the records of participating life insurance companies.

The NAIC website has an online form for anyone who believes they may be a beneficiary of an unclaimed life insurance policy. To use the service, you must provide the suspected policyholder's legal name, Social Security number, and dates of birth and death. The process can take several months.

Be aware of special challenges

In addition, it can be challenging to find a policy if you don't have all the necessary information. Many policies are located using the full legal name of the insured, along with the company's mailing address and phone number. If you don't have this information, you may need to do some additional legwork, such as contacting the insurance department in the company's home state or searching through the deceased's records.

Another challenge arises when the insured person is still living but is unable to communicate their coverage status. This can occur if the person is living with dementia or has suffered a sudden accident or medical emergency. In these cases, it may be necessary to involve legal or medical professionals to help determine the status of their coverage.

Furthermore, there may be instances of fraud or scams involving companies that offer to search for lost policies on your behalf. It is important to research these companies thoroughly before providing any personal information or paying any fees.

Contact previous employers

If you are trying to find out whether you have a life insurance policy, or you are trying to locate a deceased relative's policy, it is a good idea to contact their previous employers. This is because your loved one may have been a certificate holder of an employer-provided group life policy.

To begin your search, you should contact the employee benefits offices at your relative's former places of work. Sometimes, people purchase group life insurance through their employer, so the relevant department should be able to tell you if they had done so.

You should also contact the person's bank to see if they had a safety deposit box, which may contain life insurance information. It is also worth checking with the union welfare office, if the deceased was a union member.

If you are the one with the policy, you can also contact your previous employers to see if you took out a policy with them.

Frequently asked questions