Finding Central Life Insurance: Locating Old Contracts

If you're looking for an old central life insurance contract, there are a few steps you can take. Firstly, try searching through financial records for payments to the insurer, old mail for company statements or billing reminders, and income tax statements for interest income earned and paid expenses to the insurer. You can also contact the person's bank and their auto or home insurer to see if they bought a policy through them. If you know the name of the insurance company, you can contact them directly and request a copy of the policy. Additionally, online tools such as the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator Service can help you find your loved one's life insurance policies and annuity contracts. This service is free to use and can be accessed through the NAIC website.

Check the deceased's financial records

Checking the deceased's financial records is a crucial step in locating an old life insurance policy. Here are some detailed instructions on how to go about this process:

Begin by gathering all the recent financial documents of the deceased, including bank statements, tax returns, investment accounts, and any other relevant paperwork. Look for any evidence of regular payments to an insurance company, which could indicate the existence of a life insurance policy. Check the bank statements carefully for any outgoing payments to insurance providers, as well as any incoming payments from insurance companies, which could indicate a policy payout. If you have access to their online banking, you can often search for specific keywords, such as "insurance," which can streamline this process.

Review the deceased's tax returns for the past several years. Life insurance policies often have tax implications, so there may be clues in these documents. Look for any deductions or credits related to insurance premiums or any reported interest income from insurance payouts. If the deceased had an accountant or financial advisor, contact them. They may have valuable insights into the deceased's financial affairs, including any life insurance policies they may have had.

It is also important to check for any safe deposit boxes that the deceased may have had. These boxes often contain valuable documents, including insurance policies, and can usually be accessed with the appropriate legal authorization, such as a death certificate and your identification. Additionally, look for any physical documents or files related to their financial affairs. Some individuals keep hard copies of important paperwork, so check filing cabinets, desk drawers, and any other storage areas.

Finally, don't forget to check their email accounts. Many insurance companies now communicate primarily via email, so there may be important policy-related messages in their inbox or sent items folders. This process can be time-consuming, but it is often a very effective way to locate a missing life insurance policy and ensure that the benefits are received by the rightful beneficiaries.

Contact their former employer

If you're trying to locate an old central life insurance contract, one of the best steps you can take is to contact the former employer of the person whose insurance contract you're looking for. This is because many employers offer some form of group life insurance to their employees. Even if the person in question has retired, it's worth checking with their former employer to see if the group life insurance policy is still active.

If you're unsure who their former employer was, or you want to check multiple employers, you can try contacting the company benefits office of each company. They will know about any workplace coverage, as well as any additional coverage or benefits that were purchased.

If the person whose insurance contract you're looking for worked in a smaller business, it may be worth calling all the major insurance companies in the area one by one. This may be impractical in a larger city, but it could be worthwhile to call the most prominent providers. If the person lived in a large city, call the insurance companies closest to their address, as well as the largest companies.

When contacting employers or insurance companies, be prepared to identify yourself and explain your relationship to the person whose insurance contract you're looking for. You may also need to provide a death certificate for that person.

Review income tax statements

To find an old central life insurance contract, it is important to review your income tax statements. These statements can provide valuable information about your insurance coverage and help you identify the specific details of your policy. Here are some steps to guide you through the process:

• Gather your tax documents: Collect all your tax returns and related documents for the past few years. These typically include Form 1040 or 1040-SR, along with any schedules and attachments.
• Review your tax returns: Look for Schedule 1 (Form 1040), line 8v, which reports digital assets received as ordinary income. Also, check Schedule 2 (Form 1040) for any entries related to Form 4255, which reports excessive payments, tax increases, or recapture amounts related to certain investment credits.
• Examine Form 1099-INT or Form 1099-R: These forms report taxable amounts received from life insurance proceeds. They provide details on interest income, distributions, and other relevant information.
• Review Publication 525: This IRS publication provides comprehensive information on taxable and nontaxable income. It covers life insurance proceeds, disability insurance, and other types of income.
• Analyze your state tax returns: If you filed state income tax returns, review those as well. Life insurance proceeds may be reported differently on state returns, so it's important to check for any relevant information.
• Seek professional assistance: If you are unsure about how to interpret the tax statements or need further guidance, consider consulting a tax professional or a financial advisor. They can help you navigate the complexities of tax filings and insurance policies.

Check with the state's unclaimed property office

If you are looking for an old central life insurance contract, it is a good idea to check with the state's unclaimed property office. Each state has an unclaimed property office, and you can find links to each on the National Association of Unclaimed Property Administrators' website (www.naupa.org). This is because, after a certain number of years, if an insurance company holding unclaimed money cannot find the rightful owner, they are required to turn the money over to the state.

The National Association of Unclaimed Property Administrators also has a Missing Money site (www.missingmoney.com) which allows you to search multiple state databases simultaneously. This site is not limited to insurance payouts, but also includes money from utility companies, retailers, and others.

In addition to the above, some state insurance departments have free missing policy search services. These include Illinois, Louisiana, Michigan, New York, North Carolina, and Oregon.

If you are unsure which state to search in, you can start with the state in which the insured person resided when they bought the insurance policy.

It is worth noting that each state has different rules regarding how long it takes for a policy to be considered dormant. This period is known as the "dormancy period" and usually begins when the policy is "due and payable". This typically occurs when the insurance company receives a claim against the policy or notification of the policyholder's death, or when the policyholder passes a "limiting age". In most states, the dormancy period is between three and five years, but in Arizona and North Dakota, it is just one year.

Contact the insurance company

If you are looking for an old central life insurance contract, one of the best things you can do is contact the insurance company. This is especially helpful if you are the owner or beneficiary of a life insurance policy written long ago, as insurance companies are legally bound to follow the terms of the policy and you don't need to show your contract as proof.

If you are the owner of the policy, contact the insurance company's customer service, provide your personal information, and request a copy of the policy. In some cases, you may be able to look up your policy on the insurance company's website. If not, the insurer will likely need to print another copy and send it to you by mail.

If you are a beneficiary, you will need to file a claim to receive payment. You will need several copies of the policyholder's death certificate, available from the vital records office of the state where the person died. You can either work with an insurance agent to contact the insurer or do it directly yourself. In addition to the death certificate, you'll need to provide identification and details about yourself to complete the claim form. You can choose to receive your benefits as a lump sum or as an annuity paid out regularly from an invested account.

If you are unsure which insurance company your loved one was with, you can try contacting a few different companies to see if they have any records. You will need the name of the insured, as well as their date of birth and Social Security number. You can also try searching through the person's financial records for payments to insurance companies or checking with their auto or home insurer to see if they bought a life insurance policy through them.

Frequently asked questions