Accessing Life Insurance Records Of A Deceased Parent

Locating a deceased loved one's life insurance policy can be challenging, especially when grieving. Millions of dollars in life insurance benefits go unclaimed annually. If you're the beneficiary of a policy, you must claim it. To find a lost policy, you can search through the deceased's documents, use a life insurance policy locator, or contact their financial advisor, previous employers, or the state insurance department. Once found, notify the insurer of your loved one's passing and file a claim.

Check the deceased's documents and correspondence

Checking the deceased's documents and correspondence is a crucial step in locating a life insurance policy. Here are some detailed instructions to guide you through this process:

Paper and Digital Files:

Start by gathering all the paper documents your deceased mother may have left behind, such as personal papers, files, letters, and any other physical records. Don't forget to also check her digital files by accessing her computer, email, and any other online storage she may have used. Look for insurance-related documents, policy applications, or any information that could lead you to the right direction.

Bank Safe Deposit Boxes:

Safe deposit boxes are often used to store important documents, so if you have access to your mother's bank safe deposit box, be sure to check it. It may contain the original life insurance policy or other relevant financial documents.

Bank Statements:

Review your mother's bank statements thoroughly. Look for any checks or automatic drafts made out to life insurance companies, which could indicate the existence of a policy. Additionally, check for indications of funds transferred from a life insurance company into her account, which could suggest she tapped into the cash value of a whole life policy.

Mail and Email:

Check your mother's physical mail and email for premium or dividend notices from insurance companies. Even if the policy payments are up to date, some companies may still send annual notices regarding the policy status or dividend statements.

Tax Returns:

Review your mother's tax returns for the past two years. Life insurance companies pay interest on accumulations on permanent policies and chart interest on policy loans, so there may be a record of interest income or expenses paid to life insurance companies in her tax documents.

Other Storage Spaces:

Don't forget to check any other storage spaces your mother may have used, such as a home safe, filing cabinet, or lockbox. She may have kept important documents and records in these locations.

Life Insurance Policy Applications:

If you find any life insurance policy applications, be sure to review them carefully. These applications often include a list of other life insurance policies owned by the applicant at the time of application, which could be helpful in your search.

Remember, when checking your deceased mother's documents and correspondence, it's important to be thorough and leave no stone unturned. Even a small piece of information can be a crucial lead in locating her life insurance policy.

Submit a request to the NAIC Life Insurance Policy Locator Service

To submit a request to the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator (LIPL) Service, you must first navigate to their website, naic.org. From there, you can hover over "Consumer" and click on "Life Insurance Policy Locator" under "Tools".

After reviewing the welcome page, you will need to agree to the terms of use. Then, enter your name, mailing address, and email address.

Next, submit a search request by entering the deceased's information from their death certificate. This includes their:

• Social Security number
• Veteran status
• Legal first and last name, and any former names (e.g. maiden name)
• Date of birth and death
• Last-known addresses

After filling in all the required fields, click "Submit". 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 company will contact you directly. Otherwise, you will not be contacted. Please note that the NAIC does not have any policy or beneficiary information.

If you have any questions or need assistance, you can contact your state department of insurance, or reach out to the NAIC Help Desk at [email protected].

Contact the state's Unclaimed Property Office

When a loved one passes away, locating their life insurance policy can be challenging. If you are unable to find any evidence of a policy in your mother's documents and correspondence, there are still several options available to you. One option is to 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, they are required to turn the death benefit over to the state where the policy was purchased as "unclaimed property". This means that if you know or can guess the state where the policy was purchased, you can search that state's unclaimed property database to see if there is a record of any insurance benefits or money owed to you. The National Association of Unclaimed Property Administrators (NAUPA) provides a free tool to help you locate lost or unclaimed insurance money and other property. Simply select your state, and you can then search for any unclaimed property or benefits in your mother's name.

It is important to note that it may take several years for unclaimed benefits to be turned over to the state. Therefore, if you are unable to find any record of a policy or benefits in your initial search, it is worth checking back periodically, especially if you are certain that your mother had a life insurance policy. Additionally, keep in mind that there may be special circumstances that complicate your search, such as if the insurance company changed its name, sold the policy to another company, or went bankrupt.

If you are unsure of the state where your mother's policy was purchased, or if your initial search does not yield any results, you may need to try other methods to locate the policy. This could include searching your mother's documents and correspondence, contacting her financial advisor or accountant, or submitting a request to the National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator Service.

Review the deceased's tax returns

If you're trying to find out whether your deceased mother had life insurance, there are several steps you can take. Firstly, speak with family and close friends who may have information about the policy, such as where it may be stored or who the beneficiaries are. You can also try contacting her insurance company directly, if you know it, and they may be able to help you find the policy.

Now, onto reviewing your mother's tax returns. As the surviving child, you may be responsible for filing her final tax returns. You will need to file her final individual income tax return the same way you would if she were alive, reporting all income up to the date of her death and claiming any eligible credits and deductions. Only income earned between the beginning of the tax year and the date of her death should be reported on the final return. If she had not filed tax returns for the years prior to her death, you may need to do this on her behalf.

You can file the return using Form 1040, U.S. Individual Tax Return, or 1040-SR, U.S. Tax Return for Seniors. You will also need to submit Form 1310, Statement of a Person Claiming Refund Due a Deceased Taxpayer, if a refund is due. If there is a balance due, you will need to submit this with the return.

You can also request deceased person information from the IRS, but you will need to show proof that you are authorised to receive it. This can be done by submitting Form 4506-T, Request for Transcript of Tax Return.

When reviewing her tax returns, look for any records of interest income or expenses paid to life insurance companies. Life insurance companies pay interest on accumulations on permanent policies and chart interest on policy loans, so this could be a good indicator. You can also check her bank statements for any payments to life insurance companies.

If you are the executor of her estate, you may also need to file an estate income tax return and obtain an employee identification number.

Talk to the deceased's banker, financial adviser, and attorney

If you are unable to find your mother's life insurance policy records, one course of action is to talk to her banker, financial adviser, and attorney. These individuals may have been involved in managing her financial affairs and could have knowledge of or access to information about her life insurance policy.

Talk to your mother's banker

Meeting with your mother's banker can be helpful in gathering information about her financial affairs. They may have insights into her accounts, transactions, and any insurance policies she held. It is a good idea to bring relevant documents, such as your mother's death certificate, your ID, and any other relevant information when meeting with the banker.

Discuss the matter with your mother's financial adviser

If your mother had a financial adviser, they could be a valuable source of information. Financial advisers often have a comprehensive understanding of their clients' financial portfolios, including insurance policies. They may be able to guide you in the right direction or provide you with the necessary documentation to support your claim.

Consult your mother's attorney

Your mother's attorney is another important person to contact. They can provide legal guidance and assist in reviewing your mother's estate planning documents, such as her will or trust. These documents may contain information about her life insurance policy and the designated beneficiaries. Additionally, the attorney can help file for any necessary identification numbers and provide assistance throughout the probate process.

When meeting with these professionals, it is important to be prepared and organised. Gather as much information as possible about your mother's finances, including any relevant documents, account statements, and insurance-related correspondence. It is also essential to bring proof of your identity and your relationship with your mother to ensure you have the legal right to access her financial information.

By taking these steps and speaking with the appropriate individuals, you can increase your chances of locating your mother's life insurance policy records and ensuring that any benefits are claimed accordingly.

Frequently asked questions