Finding Life Insurance After A Loved One's Death

Locating a deceased person's life insurance policy can be challenging, especially if they didn't leave their documents in order. However, it's not impossible, and there are several ways to go about finding out if they had a life insurance policy. This includes searching through their personal belongings, checking their documents and correspondence, and reaching out to their financial advisors, bankers, and employers. Additionally, online tools such as the NAIC Life Insurance Policy Locator can assist in locating policies, and state offices and unclaimed property databases can provide further information.

Search the deceased's documents and correspondence

When a loved one passes away, it can be challenging to locate their life insurance policy, but searching through their documents and correspondence can provide crucial evidence and relevant information. Here are some detailed steps to guide you through this process:

Paper and Digital Files:

Start by gathering all the paper documents and digital files belonging to the deceased. This includes going through their personal files, drawers, folders, and any other storage spaces they used. Look for insurance-related documents, such as policy booklets, certificates, or correspondence with insurance companies. These documents may be stored in folders labelled "Insurance" or "Financial."

Bank Safe Deposit Boxes:

Accessing safe deposit boxes may require a key, a copy of the death certificate, proof of relation, and a photo ID. If you don't have the key, there might be a fee for drilling into the box. Once opened, bank officers can provide life insurance documents to the named beneficiaries.

Bank Statements and Cancelled Checks:

Scrutinize bank statements and cancelled checks for any payments made to life insurance companies. These transactions can indicate the existence of a policy and help identify the insurance provider.

Mail and Email:

Check the deceased's physical mail and email inbox for premium notices, dividend notices, or annual statements regarding the policy's status. Even if the policy payments are up to date, insurance companies may still send periodic updates or notices.

Tax Returns:

Review the deceased's tax returns for the past two years. Life insurance companies often pay interest on permanent policies and chart interest on policy loans, so there may be records of interest income or expenses paid to life insurance companies.

Address Books and Planners:

Don't overlook address books and planners, as they may contain contact information for insurance agents, financial advisors, or other relevant professionals. These individuals could provide valuable insights or connections to the deceased's insurance arrangements.

Business Cards:

Keep an eye out for business cards belonging to insurance agents, attorneys, accountants, or financial advisors. These professionals may have assisted the deceased in securing a life insurance policy or managing their financial affairs.

Insurance Applications:

If you come across any life insurance applications, be sure to check them carefully. These documents typically list any other life insurance policies owned by the applicant at the time of application, providing a valuable lead in your search.

Remember, searching through the deceased's documents and correspondence is a thorough process that requires patience and attention to detail. It's important to respect their privacy while recognizing the importance of locating their life insurance policy for your financial well-being.

Submit a request to the National Association of Insurance Commissioners' Life Insurance Policy Locator Service

If you're trying to find out if a deceased relative had life insurance, you can use the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator (LIPL). This free online tool helps consumers find their deceased loved ones' lost life insurance policies and annuity contracts.

Here's a step-by-step guide on how to submit a request to the NAIC Life Insurance Policy Locator Service:

Step 1: Visit the NAIC Website

Go to the NAIC website at naic.org. Hover over "Consumer" and click on "Life Insurance Policy Locator" under "Tools".

Step 2: Review the Welcome Page and Agree to the Terms of Use

Review the welcome page and agree to the terms of use. This step is important as it outlines the conditions and guidelines for using the service.

Step 3: Enter Your Information

You will need to provide your personal information, including your name, mailing address, and email address. This information is necessary to create an account and ensure secure communication.

Step 4: Submit a Search Request

Submit a search request by entering the deceased's information from their death certificate. This includes the Social Security number, veteran status, and your relationship to the deceased. Make sure to fill in all the required fields accurately.

Step 5: Click Submit

After completing all the required fields, click on the "Submit" button. Your request will be securely stored in an encrypted database. Participating life insurance and annuity companies can access this information through a secure portal.

Step 6: Wait for a Response

After submitting your request, you will receive a "Do Not Reply" email confirming the details of your submission. If a policy is found and you are the beneficiary, the life insurance or annuity company will contact you directly, usually within 90 days. If no policy is found or you are not the beneficiary, you will not be contacted. Please note that the NAIC does not have access to policy or beneficiary information.

The NAIC Life Insurance Policy Locator is a valuable tool for beneficiaries who are unsure if their deceased relative had life insurance or are struggling to locate the policy documents. It provides a straightforward and secure way to initiate a search and connect with insurance companies. Remember that you can always reach out to the NAIC Help Desk or your state department of insurance for assistance throughout the process.

Contact the state's Unclaimed Property Office

If you are aware of the state where the policy was purchased, you can contact the state's Unclaimed Property Office. This is because when a life insurance company knows that an insured client has died but cannot locate the beneficiary, they are legally required to turn the death benefit over to the state as "unclaimed property".

The National Association of Unclaimed Property Administrators (NAUPA) has a useful search tool called MissingMoney.com, which aggregates state records of unclaimed funds. You can use this to search for unclaimed money by state. Alternatively, you can use the free tool provided by the National Association of Unclaimed Property Administrators to find your state's comptroller.

If you are unsure of the state where the policy was purchased, you can try using the NAIC Life Insurance Policy Locator Service. This is a free tool that searches the records of participating life insurance companies. You will need basic information about the deceased, including their social security number, legal name, date of birth, and date of death.

It is important to note that there is no national database for all life insurance policies, and some states may not have online policy finders or unclaimed property databases. Additionally, only deaths reported to the Social Security Association will be included in the search.

Check bank statements for payments to insurance companies

Checking bank statements for payments to insurance companies is a crucial step in locating a deceased person's life insurance policy. Here are some detailed instructions to guide you through this process:

Begin by gathering the bank statements of the deceased. These documents provide valuable insights into their financial transactions, including any payments made to insurance companies. If you are the executor of the will or administrator of the estate, you can request these statements directly from the bank.

Once you have obtained the bank statements, thoroughly examine them for any recurring or one-time payments made to insurance providers. Life insurance premiums are often paid on a monthly or annual basis, so be sure to check for both regular and infrequent payments. Look for payments to well-known insurance companies as well as smaller, specialised providers.

It's important to note that the name of the insurance company may not always be immediately recognisable. Some insurance companies operate under parent companies or have recently changed their names. Additionally, the payment description on the bank statement may not explicitly mention "life insurance." So, be diligent in your review and consider any payments that seem related to insurance or financial protection.

If you identify any potential insurance payments, note down the company names and contact information. You can then reach out to these companies directly and inquire about the existence of a life insurance policy for the deceased. They may request additional information, such as the policy number, date of birth, date of death, and your relationship to the deceased, to verify your authorisation to receive information.

Remember to review at least 12 months' worth of bank statements, as some life insurance premiums are paid annually. This comprehensive review will increase your chances of identifying any relevant insurance payments and locating the life insurance policy.

By following these steps, you can effectively utilise bank statements to search for life insurance policies after a person's death, ensuring that their financial protections are accurately identified and their beneficiaries receive the intended benefits.

Review the deceased's tax returns for the past two years

When a loved one passes away, it can be challenging to locate their life insurance policy. One of the steps you can take is to review their tax returns from the past two years for any records of interest income or expenses paid to life insurance companies. Here's a detailed guide on how to do this:

Locate the Deceased's Tax Returns:

Firstly, you'll need to gather the tax returns of the deceased for the past two years. These documents can usually be found among their important papers or digital files. If you have difficulty accessing their physical or digital files, consider contacting their spouse, family members, or roommates for assistance.

Review for Interest Income:

Once you have the tax returns, carefully go through each page to look for any records of interest income. Life insurance companies often pay interest on permanent policies, so this can be a good indicator of an existing policy. Make note of any interest amounts and the corresponding sources listed.

Check for Expenses Paid to Insurance Companies:

In addition to interest income, examine the tax returns for any expenses or payments made to life insurance companies. Look for deductions or expenses that may indicate the deceased was paying premiums to a life insurance provider. These payments could be recurring or one-time large payments.

Understand Permanent Policies and Interest:

It's important to know that life insurance companies pay interest on accumulations within permanent policies. This means that if the deceased had a permanent life insurance policy, there may be records of interest income in their tax returns. This interest is often taxable, so it should appear in their tax filings.

Contact a Financial Professional:

If you're unsure about interpreting the tax returns or need further assistance, consider reaching out to the deceased's financial adviser or accountant. They may have additional insights or knowledge about the deceased's financial situation, including any life insurance policies.

By following these steps and carefully reviewing the deceased's tax returns, you can increase your chances of locating their life insurance policy. This process can be time-consuming and detailed, but it's an important step in ensuring you have the necessary information to make informed decisions and financial arrangements.

Frequently asked questions