Unclaimed Life Insurance: How To Find And Claim It

When a loved one passes away, finding their life insurance policy can be challenging. It is important to know that you must be named on the policy to claim any benefits. If you are a beneficiary, there are several steps you can take to find the policy. Firstly, speak with family and close friends, as they may have information about the policy or know where it is stored. Secondly, if you know the name of the insurance company, contact them directly and submit proof that you are a beneficiary. Thirdly, review the deceased's physical and digital documents, including bank statements, tax returns, and mail. Fourthly, contact the deceased's advisors, such as their accountants, attorneys, or financial professionals. Finally, use a life insurance policy locator service, such as the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator Service, which is free and confidential.

Search for a physical copy of the policy

If you're looking for a physical copy of a life insurance policy, there are several steps you can take. Firstly, search through the deceased's personal documents and correspondence, both paper and digital. This includes their mail and email, bank statements, tax returns, and any safe deposit boxes or storage spaces they may have used. Look out for the name and contact information of the insurer, the name of the beneficiary or beneficiaries, and the death benefit amount. If the policyholder had stored the document in a safe deposit box, you may need a court order to access the contents, unless you are the executor of the deceased's estate.

Another approach is to contact people who were close to the deceased, such as family and friends, who may have information about the policy, such as where it was stored, the beneficiaries, or the name of the insurance company. If the deceased had an insurance agent, they may also be able to help.

You can also try reaching out to the deceased's financial and legal advisors, such as their accountant, attorney, financial planner, or banker, who may have records of their life insurance purchases. If the deceased had home or auto insurance, you can contact those companies to ask if the person also had a life insurance policy with them.

Additionally, check the deceased's employer, as they may have had subsidized group life insurance through their work. If the deceased was a member of any trade unions, veterans' associations, alumni associations, or other professional or social organizations, contact them to inquire about potential group life insurance coverage.

Finally, you can use online tools and databases to try and locate the policy. The National Association of Insurance Commissioners (NAIC) offers a Life Insurance Policy Locator Service, which can assist you in finding life insurance policies. You will need information such as the deceased's social security number, legal name, date of birth, and date of death.

Search digital storage for policy information

If you shared any digital storage with the deceased, or they had an external hard drive, you might be able to find the policy saved there. If the device holding the policy is password-protected or encrypted, it may be difficult to retrieve the information. You may be able to gain access by presenting the company that owns the account with a court order, but they are not obligated to honor your request.

If you are allowed to handle your deceased loved one's property and access their records, try to locate any password information that could give you login credentials for financial and other digital accounts.

If you have access to the deceased's computer, you can also check their email for premium or dividend notices. If policy payments are up-to-date, there will be no notice of premium payments due; however, the company may still send an annual notice regarding the status of the policy or a statement of a dividend.

Additionally, you can review the deceased's tax returns for the past two years for a record 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.

Contact the deceased's financial advisors

If you're responsible for sorting out a deceased loved one's financial affairs, you may need to contact their financial advisor to find out about their life insurance policies. Here's a step-by-step guide to help you through this process:

Step 1: Identify the Deceased's Financial Advisor

Firstly, you need to determine who the deceased's financial advisor was. Check their personal documents, correspondence, and financial records for any indications. Look for paper and digital files, bank safe deposit boxes, or other storage spaces that may contain relevant information. Review their bank statements for payments to financial advisors or insurance companies. You can also check their mail, email, and tax returns for any relevant notices or correspondence.

Step 2: Gather Necessary Information

Once you have identified the financial advisor, gather the necessary information to contact them. This may include their name, company name, and contact details. You may also need to provide information about the deceased, such as their full name, date of birth, and date of death. Having this information ready will help streamline your communication with the financial advisor.

Step 3: Make Contact and Explain Your Inquiry

Contact the financial advisor through their preferred method, whether by phone, email, or in person. Introduce yourself as the person handling the deceased's financial affairs and explain your relationship to them. Clearly state the reason for your inquiry, which is to obtain information about their life insurance policies and any other relevant financial details. Be prepared to provide documentation or proof of your role in handling their affairs.

Step 4: Request Information and Documents

Ask the financial advisor to provide you with details of the deceased's life insurance policies, including policy numbers, insurance companies, and any named beneficiaries. They may also have information about other financial accounts or assets that you should be aware of. Request copies of any relevant documents, such as policy agreements or financial statements. The financial advisor may have insights into the deceased's financial plans and goals, which could be helpful for settling their affairs.

Step 5: Follow Up and Clarify Details

Don't hesitate to follow up with the financial advisor if you have any further questions or concerns. Clarify any unclear details and ensure you understand the information provided. This is also an opportunity to discuss any challenges or complexities that may arise during your inquiry. Remember to be respectful and appreciative of their time and assistance.

By following these steps, you can effectively contact the deceased's financial advisor and obtain the necessary information about their life insurance policies, enabling you to proceed with the appropriate financial and legal steps.

Use a life insurance policy locator

If you're trying to find out if someone had life insurance when they died, their financial or legal advisor can help you determine if they had coverage. You can also use a life insurance policy locator tool to find the details you need.

The National Association of Insurance Commissioners (NAIC) has created a Life Insurance Policy Locator service to help consumers locate benefits from life insurance policies or annuity contracts purchased anywhere in the United States. This service is free of charge.

Here's how to use the NAIC Life Insurance Policy Locator:

• Create an account by entering your email address and name.
• 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:

• Social security number
• Legal first and last name
• Date of birth
• Date of death

Your request will be stored in a secure, encrypted database where participating life insurance and annuity companies can access the information through a secure portal. If a policy is found and you are the beneficiary, the company will contact you directly, usually within 90 days. You will not be contacted if no policy is found or you are not the beneficiary.

Contact the life insurance company

If you know the name of the insurance company that issued the policy, you can reach out to them directly. This will likely require you to submit proof that you are a beneficiary, such as your driver's license, social security number, and the policyholder's death certificate.

If you are fairly certain a policy exists and you believe that you could be listed as a beneficiary, the best way to confirm your status is to contact the policy issuer. Their records are key: even if you see your name listed on an old policy document, the deceased may have changed their beneficiaries after that document was printed. Once an insurance company confirms that you're a beneficiary, they will tell you how to submit a claim.

If you know the original policy number and have confirmed that you are a listed beneficiary, be prepared to verify your identity (usually with ID, such as your driver's license number or SSN). You'll also need to provide the death certificate.

If you don't know the insurance company, but you have an idea of who named you as a beneficiary, start your search there. Reviewing financial paperwork like income tax returns and bank records may provide clues. If your loved one was employed when they died, their company's HR department may be able to tell you if they had any group life insurance or supplemental insurance.

If you are still unsure whether your loved one had an existing life insurance policy, there are a few other places you can look for confirmation. Bank records may show withdrawals for premiums in their financial statements. An employer may also be able to help direct you to the policy information if your loved one had subsidized group life insurance. A lawyer may also be aware of any existing coverage. If your loved one was part of a union, veterans' group, or other organization, they may have gotten life insurance through them.

Frequently asked questions