Uncovering Uk Life Insurance: Who And How To Find

In the UK, it is considered a social taboo to discuss personal finances, even with close relatives. This can lead to situations where someone dies without informing their loved ones about their life insurance policy. If you are in such a situation, there are several ways to find out if the deceased had a life insurance policy. You can check their bank account statements, contact their employer, or search through their important documents. If these methods do not work, you can use the Unclaimed Assets Register (UAR) for a fee of £25. Additionally, you can contact the life insurance company directly and provide them with the necessary information, such as the deceased's full legal name, date of birth, and social security number.

Check bank statements for regular payments to an insurer

Checking bank statements for regular payments to an insurer is a straightforward way to identify whether someone had life insurance. Life insurance payments are typically made monthly, and policies are usually only valid if these payments are up to date. Therefore, you should see a payment every month up until the present date. In some cases, premiums are paid annually, so it's a good idea to check bank statements from the previous 12 months.

By checking bank statements, you may be able to identify the name of the insurance company. If the company name is not clear from the statement, try using the Association of British Insurers to find them. Once you have established the insurer, contact them directly, citing the name of the deceased. All life insurance companies in the UK will be happy to help you.

If the deceased was very elderly, it's worth noting that some Over 50s and Whole of Life policies remain valid even after a final payment has been made. In these cases, you may need to check older bank statements (from before the person turned 80) or use other methods to identify whether they had life insurance.

Contact the policyholder's previous employer

If the deceased person held a life insurance policy, their previous employer might have some information about it. This is especially true if the policy was a group life insurance plan offered as an employee benefit. Even if the policyholder had left the company, there is a possibility that their former employer could provide valuable insights or direct you to the relevant insurance company or broker. Here are some steps to guide you through the process of obtaining information from the policyholder's previous employer:

First and foremost, gather information about the policyholder's employment history. Make a list of their previous employers, including the company names, addresses, and contact information. If possible, try to find out the dates of employment and the positions held. This information will be crucial in your search for the potential life insurance policy. Once you have the list, prioritize the employers by starting with the most recent ones or those where the policyholder had a long tenure. There is a higher likelihood that recent employers may have relevant information or records pertaining to the insurance policy.

Contact each employer on your list and explain your situation. Inform them that you are trying to ascertain whether the deceased had a life insurance policy and request any information they can provide. Be prepared to offer relevant details about the policyholder, such as their full name, dates of employment, and any known insurance providers they might have used. Ask to speak to the HR department or the person in charge of employee benefits. These individuals are most likely to have knowledge of group life insurance policies or any individual policies purchased through the company.

During your conversation with the employer, inquire about the company's practices regarding life insurance. Ask whether they offered group life insurance as an employee benefit and, if so, whether the policyholder was enrolled. Find out the name of the insurance company and the broker, if applicable. Some companies may have records of the policy details, including the policy number and the beneficiary information. If the employer is unable to provide specific policy details, they may still be able to offer guidance on whom to contact next or how to proceed in your search.

Remember to maintain a record of your communications with each employer. Note down the dates of your conversations, the names of the people you spoke to, and any relevant information they provided. This documentation will be helpful for your own records and may also come in handy if you need to refer back to specific details during your search for the life insurance policy.

Search for important documents and insurance certificates

If you are administering someone’s estate after their death, there are several things you can do to find out if they had a life insurance policy. Here are some steps you can take to search for important documents and insurance certificates:

• Check bank statements: Check the deceased person's bank account statements to identify any regular payments to an insurance company. Life insurance payments are typically made monthly, so look for frequent payments. In some cases, premiums may be paid annually, so be sure to check the previous 12 months' worth of statements.
• Contact the policyholder's employer: Get in touch with the deceased person's previous employer to find out if they had any life protection or group life insurance (or death in service) provided through their role. Many employers, especially in the public sector, offer such policies.
• Look for important documents and insurance certificates: People often store important documents and insurance certificates together. If you find bank details or a passport in a certain location, it's worth investigating further to see if there are any insurance documents stored with them.
• Check with family and friends: Speak to other surviving family members and friends, as the deceased may have mentioned a life insurance policy to them.
• Use life insurance policy locators: There are several online life insurance policy locators that can help you find unclaimed life insurance policies. For UK policies, you can search the Unclaimed Assets Register (UAR) for a fee of £25. For policies in the US, you can try the National Association of Insurance Commissioners, MissingMoney.com, or the National Association of Unclaimed Property Administrators.

Use the Unclaimed Assets Register

If you are trying to find out if a deceased relative or friend has a life insurance policy, but you do not have the policy document and do not know the name of the insurance company that issued it, you can use the Unclaimed Assets Register (UAR).

The UAR is offered by Experian to help UK residents find lost assets and contact providers to make claims. To find a lost asset, a consumer establishes an online account and pays £25 per search of the UAR database. Experian reruns saved searches at no charge to consumers after a financial institution adds new information to the UAR.

The UAR also protects assets from identity theft and fraud. Consumers can quickly search for money, life insurance policies, and other assets to which they are entitled and contact providers to recover them.

It is worth noting that details of any whole-of-life policies are not put onto the register until the 100th birthday of a policyholder, so it may be beneficial to conduct a second search at a later date. Term-based life insurance policies should show up immediately.

Before using the UAR, it is recommended that you try other search alternatives first, due to the expense and the fact that the UAR database includes assets held by only a relatively small number of financial institutions.

Contact the insurer with the name of the deceased

Once you have the name of the insurance company, you can contact them directly. This will likely require you to submit proof that you are a beneficiary, such as your driver's license, passport, or social security number, along with the policyholder's death certificate. If you are unsure of the insurance company, you can try checking the deceased's bank account statements for any regular payments to an insurer. In the UK, life insurance payments are typically made monthly, so look for a payment every month up to the current date. Some Over 50s and Whole of Life policies remain valid even after a final payment has been made, so there is a chance that a policy exists that doesn't show up on the bank statement, especially if the deceased was very elderly. In these cases, you may need to check older bank statements (from before the deceased turned 80) or try other methods.

If you cannot determine the insurance company from the bank statements, try using the Association of British Insurers (ABI) to find them. A full list of ABI members, including their contact details, can be found on their website.

If all else fails, you can try searching the Unclaimed Assets Register (UAR) for a fee of £25. You will need to create an account and provide the deceased's personal details and proof that you are in line to receive the payout. However, keep in mind that details of any whole-life policies are not added to the register until the 100th birthday of the policyholder. Therefore, you may need to conduct a second search at a later date if your initial search doesn't yield any results. Term-based life insurance policies should show up immediately.

It is important to note that only the person legally entitled to administer the estate will be able to make an enquiry and claim the life insurance policy.

Frequently asked questions