Finding Unclaimed Life Insurance: A Step-By-Step Guide

If you're looking to check for unclaimed life insurance, there are several methods you can use. You can start by gathering key details about the deceased, such as their full legal name, date of birth, and Social Security number. This information will be crucial in your search. You can then try sorting through the deceased's paperwork, including filing cabinets, safe deposit boxes, old tax returns, and bank statements. If you're the executor of the deceased's estate, you can also check their safe-deposit boxes and personal files.

Another approach is to use policy locator services such as the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator Service, which helps connect consumers with their deceased loved ones' lost life insurance policies. Additionally, you can contact the deceased's financial advisors, accountants, or insurance agents, as they may have knowledge of any life insurance policies. Checking with the deceased's former employers is also a good idea, as many companies offer life insurance as part of their employee benefits packages.

If you have information about the insurance company, you can contact them directly to inquire about any unclaimed policies. Alternatively, you can try conducting a free search through organizations like the National Association of Unclaimed Property Administrators (NAUPA), which helps locate lost or unclaimed insurance money and other property. Remember that each state has different rules and procedures regarding unclaimed property, so be sure to familiarize yourself with the regulations in your state.

Check financial documents, personal contacts and employers

Checking financial documents, personal contacts, and employers is a crucial step in locating unclaimed life insurance policies. Here's a detailed guide to help you through the process:

Financial Documents:

Start by gathering financial records such as income tax returns, bank statements, and other financial paperwork. Review these documents for any clues or indications of life insurance policies. Check for premium payment receipts, bank statements showing automatic deductions to insurance companies, or interest income from permanent life insurance policies. If you have access, also check the deceased's mail and email for any insurance-related communications or notices.

Personal Contacts:

Reach out to friends, family members, coworkers, clergy, lawyers, accountants, and other professionals who may have been associated with the deceased. These individuals might provide valuable information or, at the very least, direct you to someone who can help. It's also worth contacting the deceased's financial advisor or accountant, as they may have knowledge of any life insurance policies and assist in filing a claim.

Employers:

If the deceased was employed, contact their company's HR department or previous employers to inquire about group life insurance or supplemental insurance offered as part of their employee benefits package. Many companies provide life insurance to their employees, and the HR department should have records of such policies. Additionally, check with labour unions or professional associations the deceased was part of, as they may have offered life insurance coverage.

Remember that going through financial documents and reaching out to personal contacts and employers can be time-consuming and emotionally challenging. However, it is an important step in locating unclaimed life insurance policies and ensuring you receive the benefits owed to you.

Use the NAIC Life Insurance Policy Locator Service

The National Association of Insurance Commissioners (NAIC) has an online Life Insurance Policy Locator Service that can be used to search for unclaimed life insurance policies. This service is free, confidential, and easy to use. It has helped consumers connect with more than $6.7 billion in benefits since 2016.

To use the NAIC Life Insurance Policy Locator Service, you will need to have certain information about the suspected policyholder. This includes their legal name, Social Security number, date of birth, and date of death. You will also need to provide your name, mailing address, and email address.

Once you have all the required information, you can follow these steps:

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

After submitting your request, it will be stored in a secure, encrypted database. Participating life insurance companies can access this database through a secure portal to search for matching policies. If a policy is found and you are the beneficiary, the insurance company will contact you directly. It is important to note that this process can take several months.

If no policy is found or you are not the beneficiary, you will not be contacted. Additionally, it is important to remember that the NAIC does not have any policy or beneficiary information itself. For assistance or further questions, you can contact the NAIC Help Desk at [email protected] or refer to their Frequently Asked Questions (FAQ) section.

Contact the state's unclaimed property department

If you are looking to check for unclaimed life insurance, it is a good idea to contact the state's unclaimed property department. Each state has different rules on how long it takes for a policy to be considered dormant. This period is known as the dormancy period and is usually between three and five years, although it can be as little as one year in some states. After this period, unclaimed funds are sent to the state where the deceased last resided or where they bought their policy.

You can search for unclaimed funds in the state where the deceased person last lived or purchased their policy. The National Association of Unclaimed Property Administrators' Missing Money site is a free service that allows you to search multiple state databases simultaneously for unclaimed funds, not just for insurance payouts but also for money from utility companies, retailers, and other sources. You can begin the claims process instantly if you find any unclaimed funds.

Additionally, several state insurance departments, such as those in California, New Jersey, New York, and Michigan, have search tools for policies registered in their respective states. Some life insurance companies, like John Hancock, MetLife, and New York Life, also have their own online policy search tools. If you believe you are the beneficiary of a U.S. veteran's policy, the U.S. Department of Veterans Affairs has a searchable database you can use.

If you are unsure where the policy was purchased, it is important to check with any previous states the deceased individual may have lived in. Once you have located the correct state, you can use its Department of Insurance (DOI) website, which typically includes tools to search for insurance policies. If the insurance company is no longer operating, the DOI should have records of what happened to its policies.

Search the National Association of Unclaimed Property Administrators' Missing Money site

The National Association of Unclaimed Property Administrators (NAUPA) is a trusted authority in unclaimed property, helping individuals claim their unclaimed property and businesses ensure compliance with state law in annual reporting.

NAUPA's MissingMoney.com is a free national database that allows you to search for unclaimed property across multiple states at once. This includes unclaimed insurance payouts, money from utility companies, retailers, and more. The service is completely free, and users can instantly begin the claims process.

To start your search, all you need is the name, city, and state of the deceased. You can also select your state and see if there is a record of any insurance benefits or money owed to you.

NAUPA also provides resources and education to help individuals successfully report unclaimed property and remain compliant. It is important to note that NAUPA will never directly contact individuals regarding unclaimed property, so be cautious of any fraudulent attempts.

Contact previous employers

If you suspect that you are a beneficiary of a loved one's life insurance policy but are unsure, there are several ways to find out. One of these ways is to contact your loved one's previous employers.

Many companies offer life insurance as part of their employee benefits packages. To find out if your loved one had such a policy, you should contact the HR department of their most recent employer, and previous employers if necessary. They may have records of life insurance policies for past employees, and will be able to tell you if your loved one was enrolled in a group life insurance or supplemental insurance plan.

If you are able to confirm that your loved one had a life insurance policy through their employer, you can then contact the insurer directly to find out if you are a named beneficiary. If you are, they will be able to help you file a claim.

It is important to act as soon as possible when trying to claim life insurance benefits. While there is generally no time limit for a beneficiary to claim, insurance companies will continue to charge premiums on the policy until a claim is filed. If the insurance company does not receive payment from the policyholder, they may deduct funds from the policy's benefits to cover those unpaid premiums.

If you are unable to find any information about a life insurance policy through your loved one's previous employers, there are several other methods you can try. You could try searching through their personal records, using policy locators, or contacting insurance companies directly. You could also try contacting your state insurance department, or hiring a private agency to help with your search.

Frequently asked questions