Haris Ashley
If you think you might be owed life insurance, you could be what's known as an oblivious beneficiary. This is a common occurrence, as many people don't realise they're listed as a beneficiary on a loved one's life insurance policy. There are billions of dollars of unclaimed life insurance money in the US, and it's not always easy to find out if you're owed any of it. However, there are several ways to see if you're missing out on life insurance payouts. You can search through the deceased's financial documents, personal contacts and employers, or use an online policy locator service.
| Characteristics | Values |
|---|---|
| What to do if you think you're a beneficiary | Contact the insurance company, use a life insurance policy locator, check with the policyholder's state, look through financial documents |
| How to find out if a life insurance policy exists | Search the deceased's documents and correspondence, use the NAIC Life Insurance Policy Locator Service, contact the state's unclaimed property office |
| How to file a life insurance claim | Contact the insurance company, gather documentation, file the claim, receive the death benefit |
| Who can request information about a life insurance policy | Designated beneficiary, deceased's spouse or next of kin, executor of their estate or trustees |
What You'll Learn
Check the deceased's financial documents
Checking the deceased's financial documents is a crucial step in determining whether you are owed life insurance. Here are some detailed instructions to guide you through this process:
Locate Important Financial Documents:
Start by gathering the deceased's essential financial paperwork. This includes documents such as tax returns, bank statements, income tax records, and any other relevant financial records. These documents can provide valuable clues about the existence of a life insurance policy. Check their filing cabinets, safes, or any other secure storage locations they may have used.
Review Bank Statements and Financial Records:
Scrutinize the deceased's bank statements and financial records for any outgoing payments or transactions that could be related to life insurance premiums. Look for recurring payments to insurance companies or transfers from companies that could be insurance providers. These transactions may indicate the existence of a life insurance policy.
Examine Tax Returns:
Tax returns can be a useful source of information. Look for deductions related to life insurance premiums or any other insurance-related expenses. Additionally, review the deceased's income tax returns for the previous year, as this can provide insights into their financial situation and potentially uncover clues about insurance policies.
Check for Physical Policy Documents:
Thoroughly search the deceased's personal belongings, papers, files, and safes for any physical life insurance policy documents. These documents may be stored in places they kept important papers, such as safes, filing cabinets, or lockboxes. If you have access to their safe deposit box, be sure to check there as well.
Contact Their Financial Institutions:
If you suspect the deceased had a life insurance policy but cannot locate any physical documents, consider contacting their financial institutions. Reach out to their banks, investment firms, or other financial services providers. These institutions may have records of payments made to insurance companies or be able to provide information about any linked accounts or policies.
Review Digital Records:
In today's digital age, it's worth checking the deceased's digital records as well. Look through their emails, online accounts, and digital documents for any references to life insurance policies or communications with insurance companies. They may have received policy documents or correspondence related to their insurance coverage.
Remember that checking the deceased's financial documents is just one aspect of the process of determining whether you are owed life insurance. You may also need to take other steps, such as speaking with family and friends, contacting insurance companies, and using life insurance policy locators. Each step brings you closer to finding the information you need.
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Contact the insurance company
If you know the name of the insurance company that issued the policy, or the agent who sold it, you can reach out to them directly to help find the policy you need. This will likely require you to submit proof that you're a beneficiary, such as your driver's license or social security number, and the policyholder's death certificate.
If you believe you're a beneficiary and know which life insurance company your loved one held their policy with, contact the insurer. You may need the following information:
- Policyholder's name and date of birth
- Policyholder's date of passing
- Your full name and relationship to the policyholder
If you're not sure what life insurance company holds the policy, you can submit a request to search the National Association of Insurance Commissioners (NAIC) database for the specific policy you're looking for. If the NAIC doesn't find a policy with you as a beneficiary, and you believe such a policy exists, consider reaching out to the deceased policyholder's estate attorney or financial professional, who may have more information.
Once an insurance company confirms that you're a beneficiary, they will tell you how to submit a claim. However, the process is typically straightforward: you need to show that the policyholder has died and confirm your own identity.
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Search online
If you are wondering whether you are owed life insurance, you can search online to find out. Here are some steps you can take:
Online Search Services
Use online services that help you find unclaimed money. The National Association of Unclaimed Property Administrators (NAUPA) is one such service. It has a free tool that helps you locate lost or unclaimed insurance money and other property. You can select your state and check if there is a record of any insurance benefits or money owed to you. NAUPA-endorsed MissingMoney.com is another unclaimed life insurance database worth checking out. This site allows you to scan a single state or all participating states for unclaimed funds.
State Insurance Department
Contact your state insurance department. Insurance is regulated at the state level, so they may have some helpful information. Keep in mind that they typically do not devote significant resources to sorting out unclaimed money issues.
Life Insurance Policy Locator Services
Certain organizations have online tools that can help you locate a policy, but you must have a legal right to access it. The National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator Service is a free, confidential, and easy-to-use online tool. To use this service, you will need the suspected policyholder's legal name, Social Security number, and dates of birth and death. The NAIC will reach out to participating companies, and if you are listed as a beneficiary, the company will contact you.
The MIB Group, an insurance membership group, also has records of life insurance applications dating back to 1996. For a fee, you can submit a request to their Policy Locator Service to find out where an individual applied for insurance.
Contact Previous Employers
Many companies offer life insurance as part of their employee benefits packages. Contact the HR department of your loved one's most recent employer(s) to see if they have any information about group life insurance or supplemental insurance policies.
Contact the Policyholder's State
If the insurer is aware that the policyholder has passed away but cannot locate the beneficiary, the unclaimed benefit will be turned over to the state's unclaimed property office after a certain period. This period varies by state, typically between three and five years. You can search for unclaimed funds in the state where the deceased last resided or purchased the policy. The National Association of Unclaimed Property Administrators has a search tool that will direct you to your state's unclaimed property database.
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Contact the state's unclaimed property office
If you're searching for unclaimed life insurance money, one of the first places you should look is the state's unclaimed property department. Each state has different rules on how long it takes for a policy to be considered dormant, but it's typically between three and five years. In Arizona and North Dakota, the dormancy period is one year.
The National Association of Unclaimed Property Administrators (NAUPA) has a free tool that allows you to search for lost or unclaimed insurance money and other property. To use this tool, simply select your state, and you can see if there is a record of any insurance benefits or money owed to you.
If you're looking for unclaimed funds in a state other than your own, you can search for them in the state where the deceased last resided or where they bought their policy.
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Ask the deceased's family and friends
If you suspect that you are owed life insurance, it is a good idea to start by asking the deceased's family and friends. They may have information about a policy, such as where it is stored, who is named as a beneficiary, or the name of the insurance company. If the deceased had an insurance agent, their contacts may be listed in the deceased's phone or address book. The insurance agent may be able to help you find the policy.
It is also worth checking the deceased's personal belongings, papers, files, and safe deposit boxes (if you have access) for any information relating to a life insurance policy. This includes any places you think they may have used to store important documents. You can also check bank statements for premium payments for term life insurance or indications that they tapped into the cash value of a whole life policy, such as funds transferred from a life insurance company into their account.
If the deceased had an employer, it is worth contacting the HR department. Many companies offer life insurance as part of their employee benefits packages, so they may have a record of the deceased's life insurance policy.
Friends, family, and coworkers can be a useful resource and may be able to direct you to lawyers, accountants, or other professionals with relevant information.
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Frequently asked questions
If you think you might be owed life insurance, you can try the following:
- Search the deceased's documents and correspondence.
- Submit a request to the NAIC Life Insurance Policy Locator Service.
- Contact the state's Unclaimed Property Office.
You will need to provide the deceased's death certificate, social security number, full name, date of birth, and date of death.
The National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator Service is a free online tool that can help you locate a policy.
If no one claims the life insurance benefits within a specific time frame, insurers are required to turn the money over to the state's unclaimed property office.
