Finding Unclaimed Life Insurance: A Free, Easy Guide

If you think you are a beneficiary of an unclaimed life insurance policy, there are several ways to find out. Billions of dollars of life insurance money go unclaimed in the US each year, often because family members are unaware that their loved ones held a policy. If you are the beneficiary of a loved one who has passed away, you can perform a free search on a website like MissingMoney.com or use the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator (LIPL) tool. You can also try checking the deceased's financial files, contacting their financial advisor, or reaching out to their previous employers or unions.

Check personal records

Checking personal records is a good place to start when looking for unclaimed life insurance. This includes searching through paper and digital files, safe deposit boxes, and other storage spaces for insurance-related documents. Check bank and credit card statements for premium payments to a life insurance company, and don't forget to look at the departed's mail and email for notices from the insurance company.

The departed's tax returns can also be useful. A tax form and supplemental filings could show interest income from a permanent life insurance policy or the interest paid on any loans if the deceased borrowed against their life insurance policy.

If you can find out which insurance companies your loved one used for home or car insurance, it's worth reaching out to them, as people sometimes bundle life insurance with these policies.

If you come across the names of insurance agents, brokers, or financial advisors, give them a call to see if they have any records.

Search with the National Association of Insurance Commissioners (NAIC)

The National Association of Insurance Commissioners (NAIC) provides a free online tool called the Life Insurance Policy Locator (LIPL) to help consumers find their deceased loved ones' lost life insurance policies and annuity contracts. This tool is especially useful when dealing with the financial aftermath of the death of a loved one, which can be difficult and confusing.

To use the Life Insurance Policy Locator, follow these steps:

• Go to naic.org in your web browser.
• Hover over 'Consumer' and click 'Life Insurance Policy Locator' under 'Tools'.
• Log in and agree to the process.
• Enter your name and address.
• Submit a search request by entering the deceased's information from their death certificate, including their Social Security number and veteran status. You will also need to include your relationship to the deceased.
• After completing all the required fields, click the submit button.

Your request will be stored in a secure, encrypted database that participating life insurance and annuity companies can access through a secure portal. If a policy is found and you are the beneficiary, the relevant 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.

In addition to the Life Insurance Policy Locator, the NAIC also provides other resources and support services to help consumers and regulators manage insurance-related matters, especially during catastrophic events.

Contact the state's Unclaimed Property Office

When a life insurance company is aware that an insured client has died but cannot find the beneficiary, the company must turn the death benefit over to the state where the policy was purchased as "unclaimed property". If you know or can guess the state where the policy was bought, you can search the state's unclaimed property database. The National Association of Unclaimed Property Administrators (NAUPA) has a search tool that will take you to your state's unclaimed property database.

The National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator Service is a free online tool that can assist you in locating 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 you entered. If they do, the participating company will respond to you if you are the designated beneficiary or are authorised to receive the information. To use the service, 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.

If you are having trouble verifying the status of your claim, or would like to reach the person who is handling your claim, or have a hardship, you may call the Unclaimed Property Call Center toll-free at (800) 992-4647 or contact them by email.

Contact previous employers

If you suspect that your deceased loved one had a life insurance policy but never mentioned it, or if you recently lost someone and believe there might be unclaimed benefits, you can try contacting their previous employers. Here are some steps you can take:

• Identify Recent Employers: Start by making a list of your loved one's most recent employers. Focus on the companies they worked for in the years leading up to their death, as well as any long-term employers they had in the past.
• Contact the HR Department: Reach out to the Human Resources department at each of the identified companies. Explain your situation and ask if they offered life insurance as part of their employee benefits package. Many companies provide group life insurance or supplemental insurance options, and the HR department may have records of your loved one's participation in these programs.
• Obtain Relevant Information: If the HR department confirms that your loved one had life insurance through their employment, request as much information as possible. This may include the name and contact details of the insurance company, the type of policy (term, whole life, etc.), and any relevant policy numbers or documents.
• Follow Up with the Insurance Company: Once you have the necessary information, contact the insurance company directly. They will be able to provide more specific guidance on how to proceed with filing a claim, if applicable.
• Consider Timing: Keep in mind that most life insurance policies purchased through employers are term policies tied to the duration of employment. However, in some cases, individuals choose to continue the policy after leaving the company. Therefore, don't discount employers from further back in time, as your loved one may have maintained their policy even after departing from the company.
• Explore Other Options: In addition to contacting previous employers, you can also try reaching out to labour unions or professional associations your loved one was a part of. These organizations may have offered group life insurance options or have records that could help in your search.

Remember that companies may have varying levels of record-keeping, and they might not always be able to provide specific details about former employees or their benefits. However, it is worth making these inquiries as part of your overall effort to locate any unclaimed life insurance policies.

Search unclaimed property files

If you're searching for unclaimed property files, there are several free tools and methods you can use. Here are some steps you can take:

MissingMoney.com

This website is a database endorsed by the National Association of Unclaimed Property Administrators (NAUPA). It allows you to search for unclaimed property, including matured life insurance policies, in most states. You only need the name, city, and state of the deceased to conduct the search.

National Association of Unclaimed Property Administrators (NAUPA)

The NAUPA offers a free tool to locate lost or unclaimed insurance money and other property. You can select your state and check if there are any records of insurance benefits or money owed to you.

State Insurance Department

If the insurer is aware of the policyholder's death and the beneficiary has not filed a claim, the unclaimed life insurance policy will eventually be passed on to the state insurance department. The National Association of Insurance Commissioners (NAIC) can provide you with the insurance department contact details for the state where your loved one held the policy.

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 see if they have any records of life insurance policies. Former employers, labour unions, or professional associations may also be able to provide information on the insurance company used, so you can contact the insurer directly.

Financial Connections

Accountants, financial planners, or insurance agents are examples of professionals who may have knowledge of a life insurance policy. These financial connections are likely to have information about your loved one's finances and may even have a copy of the policy. You will need to provide proof of identity or documentation, such as being the executor or having power of attorney, to access this information.

Frequently asked questions