Finding Life Insurance: A Guide To Uncover Your Policy

Life insurance can be a financial lifeline for families who have lost a loved one, helping to cover funeral costs, pay off mortgages, or simply provide for everyday living expenses. However, many life insurance policies are never claimed, often because beneficiaries are unaware of their existence or cannot locate the necessary documents. If you believe a deceased relative had a life insurance policy but you don't have the policy document or know the insurer, there are several steps you can take to trace the policy. These include checking bank and credit card statements for payments to insurers, using unclaimed assets tracing services, contacting financial advisors, searching their files, and inquiring with their employers or insurance companies about potential group policies. Additionally, you can contact the Unclaimed Assets Register or use online tools like the Life Insurance Policy Locator Service or your state insurance department's policy finder.

Check bank statements for payments to insurers

If you are trying to find out about your own life insurance policy, or that of a relative or friend, and you don't have the policy document or know the name of the insurance company, you can check bank statements for payments to insurers. This is a good way to find out if you have a policy and who the provider is.

To check your complete bank statement, you can access your bank's mobile app, net banking portal, or review your physical bank passbook. You should refer to the updated detailed bank statement or updated passbook. If you bank with Google Pay, you can also match the UPI transaction ID seen in the app to your bank statement.

If you are looking for a relative or friend's life insurance policy, you can look through their bank and/or credit card statements for any regular payments made to an insurer. You can then contact the insurer, even if you don't have a policy number, and ask them to help.

Checking bank statements for payments to insurers is a good way to find out about any policies you or a loved one might have. It is also useful if you have a policy but can't contact the insurer, as the company may have changed its name.

Contact financial advisors

If you are trying to find out whether you have life insurance, it is a good idea to contact financial advisors. They might have details on any life insurance policies. These professionals might include a financial planner or other advisor, tax professional, or lawyer.

If you are trying to find out whether a deceased loved one had life insurance, you can also try reaching out to their accountants, attorneys, or financial professionals to get the information you need.

If you are a beneficiary, a legal representative, or the executor of someone’s will or estate, be prepared to provide the following information:

• Dates of birth and death
• Deceased’s Social Security number
• Most recent and former addresses
• Your own ID for verification

If you are unsure whether you are a beneficiary, you can contact the insurance company to find out.

Check their safe deposit box

If you're trying to find out whether you have a life insurance policy, or if a deceased relative had one, one place to look is their safe deposit box. Safe deposit boxes are secure containers, usually made of metal, that are stored in closed-off areas of financial institutions with advanced surveillance. They are often kept in vaults and can be rented by bank customers for a fee.

If you have the key to your loved one's safe deposit box, ask the bank how to gain access. You'll likely have to provide documents proving your kinship. If you're not sure whether they had a safe deposit box, you can contact the bank where they had their accounts, look through canceled cheques or bank records for payments to a bank, or watch their mail for notices requesting payment for the box.

If you have access to the safe deposit box, you can look for the life insurance policy document, which will include the name of the insurance company. You can also look for bank statements or cheques showing payments to insurance companies, which could help you track down a life insurance policy.

It's important to note that safe deposit boxes are not insured by the bank, so if the items inside are highly valuable, you may need to purchase separate insurance. Additionally, there may be legal complications in accessing the box, especially after the death of the owner.

Use an unclaimed assets tracing service

If you're trying to find out whether you, a relative, or a friend has a life insurance policy, but you don't have the policy document and don't know the name of the insurance company that issued it, you can use an unclaimed assets tracing service.

Unclaimed assets tracing services can help you locate lost or forgotten life insurance policies. These services typically charge a fee for their assistance, but they can be a valuable tool if you're unsure where to start your search. They will conduct a comprehensive search on your behalf, utilizing various databases and records to try and locate the policy.

It's important to thoroughly vet and verify the credentials of any private agency or service before providing personal information or payment, as there is a risk of scams or insurance fraud.

In addition to using an unclaimed assets tracing service, you can also try the following methods to locate a life insurance policy:

• Check bank account/credit card statements for evidence of payments to an insurer.
• Contact the person's financial advisor or accountant, as they may have information about the policy.
• Search for insurance policy paperwork, including premium payment receipts or bank statements showing automatic deductions.
• Reach out to the person's former employers, as some companies offer life insurance as part of their employee benefits packages.
• Utilize online policy finder tools provided by government, state, or industry sources, such as the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator Service.

Contact their home or auto insurance company

If you suspect that a loved one had a life insurance policy, you can try contacting their home or auto insurance company. This is because individuals may have purchased life insurance through their home or auto insurance agent.

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. This will likely require you to submit proof that you're a beneficiary, such as your driver's license or social security number, as well as the policyholder's death certificate.

If you don't know the name of the insurance company or agent, you can try contacting the deceased's home or auto insurance company to see if they have any information about a life insurance policy. They may be able to direct you to the appropriate company or agent.

It's important to note that once a policyholder has passed away, life insurance companies must protect their privacy. Therefore, only certain individuals are typically granted access to policy information, such as next of kin, estate executors, and policy beneficiaries. If you fall into one of these categories, you can request policy information from the insurance company.

Frequently asked questions