Alyssa Lane
Life insurance provides peace of mind and financial security for families and businesses. However, insurance companies don't automatically know when a policyholder has passed away, and millions of dollars in life insurance proceeds go unclaimed each year. If you suspect a loved one purchased a life insurance policy but never mentioned it, or you've recently lost someone and believe there might be unclaimed benefits, there are several ways to begin your search. This includes checking the deceased's files, safety deposit boxes, and correspondence with insurance agents and other financial professionals. You can also contact the state's insurance department or use a policy locator service.
| Characteristics | Values |
|---|---|
| What to do if you know the insurance company | Contact the insurer directly. They can tell you if you were named a beneficiary and, if so, help you file a claim. |
| What to do if you don't know the insurance company | Use free tools and personal resources to conduct your search |
| How to find if a life insurance policy exists | Sort through paperwork; Search with the National Association of Insurance Commissioners (NAIC); Check with the deceased's financial advisor; Conduct a free search with the National Association of Unclaimed Property Administrators (NAUPA); Contact previous employers; Try the state insurance department |
| What to do if you're still struggling to find old life insurance policies | A private agency might be able to help. Before you pay them or submit personal information, verify the agency's credentials so you don't fall victim to a scam or insurance fraud |
| What happens to unclaimed life insurance money | After a certain number of years, insurance companies must turn over unclaimed life insurance money to the state government |
| How long does a beneficiary have to claim a life insurance policy | There is generally no time limit for a beneficiary to claim a life insurance policy |
| How to find out if a life insurance policy is valid | Check with the National Association of Insurance Commissioners. Using the NAIC Life Policy Locator, submit a request with the legal name, date of birth, Social Security number and date of death for the deceased person to find a life insurance policy or annuity |
What You'll Learn
Check the deceased's files
When a loved one passes away, locating a life insurance policy can be challenging but necessary. Here are some steps you can take to find unclaimed life insurance by checking the deceased's files:
Sort through paperwork:
Check the deceased's filing cabinets, safes, or deposit boxes for records of a life insurance policy. Sift through old tax returns and bank statements as these documents may provide evidence of policy payments or premium notices. Remember that going through stacks of paperwork can be time-consuming and emotionally draining, so consider seeking support from other family members or friends to make the process easier.
Review financial records:
Examine the deceased's bank and credit card statements for any premium payments made to life insurance companies. These transactions can provide valuable clues about the existence of a policy and the company with which it was held. Keep in mind that some people bundle their life insurance with their home or car insurance, so checking with those providers can also be helpful.
Check mail and email:
If possible, access the deceased's postal mail and email inbox. Life insurance companies often send notices regarding the status of the policy, dividends, or cash value amounts. By reviewing these communications, you may be able to identify the insurance provider and gain a better understanding of the policy details.
Contact financial professionals:
Reach out to the deceased's financial advisors, accountants, or insurance agents. These professionals may have knowledge of any life insurance policies the deceased had in place. They can provide guidance on how to proceed with locating and claiming the policy. It is important to respect the privacy of the deceased and only involve individuals who have a legitimate need to know.
Review digital files:
In today's digital age, important documents are often stored electronically. Check the deceased's computer, email, or cloud storage for any insurance-related files or correspondence. These digital files may contain scanned copies of policies, premium payment receipts, or other relevant information.
By following these steps and carefully reviewing the deceased's files, you can increase your chances of locating unclaimed life insurance policies and ensuring that the benefits are rightfully claimed. Remember to respect the privacy and confidentiality of the deceased's personal information throughout the process.
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Contact the insurer directly
If you know the name of the insurance company, you can contact the insurer directly to find out if you are a named beneficiary and, if so, they can help you file a claim. However, if you don't know the insurance company or are unsure if a policy exists, you can use free tools and personal resources to conduct your search.
Sorting through paperwork is a good place to start. Check the deceased's filing cabinet, safe-deposit box, tax returns, and bank statements for records of a life insurance policy. This process can be time-consuming and emotionally draining, so it may be helpful to try other methods of tracking down old life insurance policies first.
If you know the name of the insurance company but are unsure if you are a named beneficiary, you can still contact them directly to inquire. They will be able to tell you if you are named as a beneficiary and help you file a claim if you are.
If you are having trouble locating the insurance company or policy, you can try searching with the National Association of Insurance Commissioners (NAIC). NAIC has an online Life Insurance Policy Locator Service that uses the deceased's name to search the records of participating life insurance companies. This service is free, confidential, and easy to use.
Another option is to contact the deceased's financial advisor or accountant. If their client gave them permission, the financial advisor may have already contacted the life insurance agency and can help beneficiaries file a claim. If the financial advisor is not able to help, the executor of the estate should be able to share the life insurance company name with you if you are a beneficiary.
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Search with the National Association of Insurance Commissioners (NAIC)
The National Association of Insurance Commissioners (NAIC) has a Life Insurance Policy Locator Service, a free online tool that can help you locate a deceased loved one's life insurance policies and annuity contracts. This service is free, confidential, and easy to use.
Here's how to use it:
- Go to naic.org.
- Hover over 'Consumer'.
- Click 'Life Insurance Policy Locator' under 'Tools'.
- Log in 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.
After submitting your request, it will be stored in a secure, encrypted database that participating life insurance and annuity companies can access through a secure portal. You will receive a "Do Not Reply" email confirming the details of your request. If a policy is found and you are the beneficiary, the company will contact you directly. If no policy is found or you are not the beneficiary, you will not be contacted. It is important to note that the NAIC itself does not have any policy or beneficiary information.
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Contact the state's unclaimed property office
When a loved one passes away, locating their life insurance policy can be challenging. If you are having trouble finding the insurance company or are unsure if a policy exists, you can contact the state's Unclaimed Property Office. This is particularly useful if you know or can guess the state where the policy was purchased.
The Unclaimed Property Office is the department that handles unclaimed life insurance policies. When a life insurance company is aware that an insured client has died but cannot locate the beneficiary, they are required to transfer the death benefit to the state where the policy was purchased as "unclaimed property". This is typically done after a period of inactivity, generally three years. The state's Unclaimed Property Office will then hold this money indefinitely until it is claimed by the rightful owner. There is no deadline for claiming this money, and there is no fee associated with claiming it.
To begin your search, you can use the National Association of Unclaimed Property Administrators' (NAUPA) free search tool. This tool will direct you to your state's unclaimed property database, where you can search for any insurance benefits or money owed to you.
If you are unsure of the state where the policy was purchased, you can try other methods to locate the insurance company. This includes searching through the deceased's paperwork, contacting their financial advisor, or trying free online tools like the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator Service.
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Check with the deceased's financial advisor
If you are unsure whether your loved one had a life insurance policy, or if you know that one exists but are unsure of its location or how to proceed, you can try contacting their financial advisor.
Financial advisors often have access to a wide range of their clients' financial information, including insurance policies. If the deceased gave their advisor permission, they may have already contacted the insurance agency and can help beneficiaries file a claim.
If the financial advisor is not able to help, you can ask the executor to reach out to the financial advisor. Executors should be able to share the life insurance company's name with you if you are a beneficiary, and then you can contact the company directly.
It is important to act as soon as possible when dealing with unclaimed life insurance. Most life insurance companies will not know that a policyholder has passed away until a claim has been filed, and they may continue to charge payments in the meantime. If the insurance company does not receive payment, they may deduct funds from the policy's benefits to cover unpaid premiums.
Additionally, sifting through stacks of paperwork can be time-consuming and emotionally draining when dealing with the loss of a loved one. Therefore, it is beneficial to explore other methods of tracking down old life insurance policies, such as contacting the financial advisor, to make the process more efficient.
If you are a beneficiary, a legal representative, or the executor of the deceased's will or estate, be prepared to provide relevant information such as dates of birth and death, the deceased's Social Security number, recent and former addresses, and your identification for verification.
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Frequently asked questions
There are several ways to search for unclaimed life insurance. You can search the deceased's documents and correspondence, including digital files, bank safe deposit boxes, and other storage spaces for insurance-related documents. You can also check bank statements for payments to life insurance companies, tax returns for interest income or expenses paid to life insurance companies, and the deceased's mail and email for premium or dividend notices.
If you don't have access to the deceased's documents, you can try contacting the deceased's banker, financial advisor, or attorney, who may have information about any life insurance policies. You can also submit a request to the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator Service, which is a free online tool that can assist you in locating life insurance policies.
If the insurance company has changed its name or sold the policy to another company, you can refer to the NAIC website, which provides tips on finding insurance companies that have changed their names, merged, or sold blocks of policies. If the company has gone bankrupt, you can contact the state life and health guaranty association through the National Organization of Life & Health Insurance Guaranty Associations' search tool.
If you don't know which company holds the policy, you can try searching the National Association of Unclaimed Property Administrators' (NAUPA) database, which allows you to search for unclaimed property in most states. You can also contact the deceased's former employers, as many companies offer life insurance as part of their employee benefits packages.
If you've tried all the above methods and are still unable to find any information about the policy, you may need to consider engaging a private agency or company to assist with the search. However, be sure to verify the credentials of any agency or company before providing personal information or payment to avoid scams or fraud.
