Finding Life Insurance: A Loved One's Legacy And Security

If a loved one has passed away, you may be wondering if they had a life insurance policy and whether you're a beneficiary. Locating a missing policy can seem daunting, especially if you're grieving. However, there are several steps you can take to find out if someone had life insurance and if you're entitled to a death benefit. Here are some ways to determine if your loved one had life insurance:

Search the deceased's documents and correspondence

When a loved one passes away, locating their life insurance policy can be challenging but necessary. Here are some detailed steps to guide your search through their documents and correspondence:

Search Paper and Digital Files

Go through the deceased's paper files and digital documents, including emails, for any insurance-related information. Check for policy documents, premium notices, annual reports, privacy notices, or other correspondence from insurance companies.

Review Bank Accounts and Safe Deposit Boxes

Examine bank statements for checks or automatic drafts made to life insurance companies. Cancelled checks or bank statements can provide valuable information about payments made to insurance providers. Additionally, contact the banks where the deceased held accounts to inquire about safe deposit boxes. Safe deposit boxes are often used to store important documents, including insurance policies.

Check Mail and Email

Look through the deceased's mail and email for premium or dividend notices from insurance companies. Even if the policy payments are up to date, insurance companies may still send annual notices about the policy's status or dividend statements.

Review Tax Returns

Examine the deceased's tax returns for the past few years. Look for any interest income or expenses paid to life insurance companies. Life insurance companies often pay interest on permanent policies and charge interest on policy loans, which can leave a trail in tax records.

Examine Insurance Policy Applications

If you find any life insurance policies, be sure to check the applications attached to them. These applications typically list any other life insurance policies owned by the deceased at the time of application. This can lead you to additional policies or provide valuable information.

Contact the Deceased's Advisers

Speak to the deceased's banker, financial adviser, and attorney. These individuals often have a comprehensive understanding of the deceased's financial affairs and may be aware of any life insurance policies they held. They can provide guidance and assist in your search.

Use a life insurance policy locator

The National Association of Insurance Commissioners (NAIC) provides 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 free online tool can be used by anyone and is one of the ways insurance regulators help consumers get their entitled insurance benefits.

To use the NAIC Life Insurance Policy Locator, follow these steps:

• Go to naic.org in your web browser.
• Hover over "Consumer" and click "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.

Once you have submitted your request, it will be stored in a secure, encrypted database. Participating life insurance and annuity companies can access this information through a secure portal. You will receive a "Do Not Reply" email confirming the request details you submitted. If a policy is found and you are the beneficiary, the life insurance or annuity company will contact you directly. It is important to note that if no policy is found or you are not the beneficiary, you will not be contacted. The NAIC does not have any policy or beneficiary information.

In addition to using the NAIC Life Insurance Policy Locator, you can also try the following:

• Search the deceased's documents and correspondence, including paper and digital files, bank safe deposit boxes, and other storage spaces for insurance-related documents.
• Check bank statements for checks or automatic drafts to life insurance companies.
• Review the deceased's tax returns for records of interest income or expenses paid to life insurance companies.
• Contact the deceased's banker, financial advisor, and attorney.

Contact the insurance company

If you know the name of the insurance company that issued the policy, you can contact them directly. This will likely require you to submit proof that you are a beneficiary, such as your driver's license or social security number, as well as the policyholder's death certificate. You will also need to provide the full legal name of the deceased, their date of birth, and your relationship to them.

If you are unsure which company holds the policy, you can submit a request to search the National Association of Insurance Commissioners (NAIC) database for the specific policy you are looking for. To do this, you will need to create an account on the NAIC website and enter the deceased's information, including their social security number, veteran status, and relationship to you. If a policy is found and you are the beneficiary, the insurance company will contact you directly.

If the NAIC does not find a policy with you as the beneficiary, you can try reaching out to the deceased's insurance agent, accountant, attorney, or financial professional, who may have more information. You can also check the deceased's personal documents, bank statements, and mail for any insurance-related information.

Contact the state's unclaimed property office

When a loved one passes away, locating their life insurance policy can be challenging, but it is necessary to ensure that you receive the benefits you are entitled to. If you are unable to find the insurance policy, you can try contacting the state's unclaimed property office.

Life insurance companies are required to turn over death benefits to the state where the policy was purchased as "unclaimed property" when they are aware that an insured client has died but cannot find the beneficiary. 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. The National Association of Unclaimed Property Administrators (NAUPA) has a search tool that can direct you to your state's unclaimed property database. This tool is free to use, and you can select your state to see if there is a record of any insurance benefits or money owed to you.

If you are unsure of the state where the policy was purchased, you can try searching multiple states using www.missingmoney.com, which combines information from most state unclaimed property databases. Alternatively, you can refer to Best's Insurance Reports, which is an annual update that lists insurance company names and addresses, as well as name changes, mergers, and other changes. These reports are available in the reference section of many larger libraries.

It is important to note that even if you cannot locate the policy contract, it does not necessarily mean that you will miss out on receiving benefits. Life insurance companies go above and beyond state law requirements to link people with their benefits. Many companies check their records against death records at the Social Security Administration, and if they find that a policyholder has passed away and no claim has been made, they will attempt to locate the beneficiary.

Contact the deceased's family and friends

If you're trying to find out whether your deceased loved one had life insurance, it's a good idea to contact their family and friends. They might know about a policy you've never heard of, as the deceased may have mentioned it to them at some point.

• Speak with family and close friends: People close to the deceased may have information about the policy, such as where it was stored, who the beneficiaries were, or the name of the insurance company. Ask them if the deceased had an insurance agent, as this person might be able to help you locate the policy.
• Contact the deceased's previous employer: The deceased may have been a certificate holder of an employer-provided group life policy.
• Reach out to the deceased's auto or home insurance agent: They may have purchased life insurance through them.
• Talk to the deceased's banker, financial adviser, and attorney: These professionals may have information about the deceased's financial matters, including any life insurance policies they may have had.

Remember, when trying to locate a life insurance policy, it's essential to have certain information on hand, such as the deceased's full legal name, date of birth, Social Security number, and your relationship to them.

Frequently asked questions