Finding Life Insurance: Tools For The Right Policy Search

If you're looking to find out whether a deceased relative had life insurance, there are several steps you can take to locate their policy. Firstly, you can search through the deceased's personal belongings, papers, files, and digital documents for any insurance-related information. You can also check their bank statements for payments to life insurance companies or contact their previous employers as they may have had an employer-provided group life policy. Additionally, you can try reaching out to the deceased's insurance agent, accountant, attorney, or financial professional for more information. If these steps don't help, you can use an online tool like the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator Service, which helps locate life insurance policies and annuity contracts for free. To use this service, you will need to provide information such as the deceased's social security number, legal name, date of birth, and date of death.

Using the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator Service

The National Association of Insurance Commissioners (NAIC) has created the Life Insurance Policy Locator (LIPL), a free online tool that helps consumers find their deceased loved ones' lost life insurance policies and annuity contracts. This tool is especially useful when beneficiaries are unable to find their deceased relative's policies or are unaware of the policies' existence.

• Go to naic.org in your web browser. Hover over 'Consumer' and click on '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 the request, it will be stored in a secure, encrypted database. Participating life insurance and annuity companies can access this database through a secure portal. You will receive a confirmation email, and if a policy is found and you are the beneficiary, the company will contact you directly, usually within 90 days.

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 possess any policy or beneficiary information. For assistance, you can contact the NAIC Help Desk or refer to the Frequently Asked Questions (FAQ) section on their website.

Reviewing the deceased's documents and correspondence

When a loved one passes away, locating their life insurance policy can be challenging. Evidence of a policy and other relevant information can often be found by searching through the deceased's documents and correspondence. Here are some tips to guide your search:

• Search through 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. Life insurance companies pay interest on accumulations on permanent policies and chart interest on policy loans.
• Check the deceased's mail and email for premium or dividend notices. If policy payments are up-to-date, there will be no notice of premium payments due; however, the company may still send an annual notice regarding the status of the policy or a statement of a dividend.
• Check the application for each life insurance policy found. This document, typically attached to the policy, will have a list of any other life insurance policies owned at the time of the application.
• Contact the deceased's banker, financial adviser, and attorney. They may know of a policy, especially if it funds a trust or business transfer.

If this search doesn't turn up any evidence of a life insurance policy, there are still actions that can be taken. One option is to submit a request to the National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator Service, a free online tool that helps consumers find their deceased loved one's life insurance policies and annuity contracts. To use this service, you will need information from the death certificate, including the deceased's social security number, legal first and last name, date of birth, and date of death.

Contacting the state's Unclaimed Property Office

If you're looking for unclaimed life insurance, there are several ways to find it. Firstly, you can conduct your own search by checking the deceased person's records, including safety deposit boxes, and looking for insurance policy paperwork. You can also contact the deceased's previous employers and financial advisors, such as accountants, insurance agents, or financial planners, as they may have knowledge of a life insurance policy.

Another option is to use a policy locator service. The National Association of Insurance Commissioners (NAIC) provides a free Life Insurance Policy Locator tool that helps consumers find their deceased loved one's life insurance policies and annuity contracts. To use this tool, you need to create an account, enter your name and address, and submit a search request by entering the deceased's information, including their social security number. If a policy is found and you are the beneficiary, the life insurance company will contact you directly.

In addition to the NAIC tool, there are other third-party companies that can assist in locating unclaimed life insurance policies. These include the National Association of Unclaimed Property Administrators and the Medical Information Bureau (MIB), which offers a policy locator service for a fee.

Finally, you can contact the state's Unclaimed Property Office to inquire about any unclaimed money from life insurance policies that may have been turned over to the state. The National Association of Unclaimed Property Administrators' website (www.naupa.org) provides links to each state's unclaimed property office, and MissingMoney.com offers a database for searching unclaimed property in most states.

• Visit the National Association of Unclaimed Property Administrators' website (www.naupa.org). This website serves as a central resource for information about unclaimed property in the United States. It is a non-profit organization that works with state governments to reunite owners with their lost or abandoned assets.
• Navigate to the "State Unclaimed Property Programs" section of the website. Here, you will find a map of the United States with links to each state's unclaimed property program.
• Click on the state where the deceased person resided or where the policy was purchased. This will take you to the website of the state's unclaimed property office.
• Search for life insurance policies using the deceased's information. Each state's unclaimed property office will have its own search engine or database. You will typically need to provide the deceased's full name, and you may also need additional information such as their Social Security number or date of birth.
• Follow the instructions provided by the state's unclaimed property office for claiming any unclaimed life insurance benefits. The process may vary depending on the state, but you will generally need to provide proof of your relationship to the deceased and complete a claim form.
• Be aware of the time limits for claiming unclaimed property. Each state has its own laws regarding the time frame for claiming unclaimed property. After a certain number of years, unclaimed property, including life insurance benefits, may be considered abandoned, and the state may take permanent ownership. Therefore, it is essential to act promptly when searching for unclaimed life insurance.
• Consider searching in multiple states. If the deceased person has lived in multiple states, it is worth checking the unclaimed property offices in each of those states. This is because life insurance policies may have been purchased in a different state than where the deceased person passed away or currently resides.
• Utilize multi-state search tools. Websites like MissingMoney.com combine information from multiple state unclaimed property databases, allowing you to search across multiple states simultaneously. This can save you time and increase your chances of finding unclaimed life insurance policies.
• Understand the process of unclaimed property reporting. By law, companies holding unclaimed property, such as life insurance benefits, are required to report and turn over these assets to the state after a certain period of inactivity or loss of contact with the owner. This period varies by state but is generally three years or more. Therefore, if you cannot locate a life insurance policy, it may have been reported as unclaimed property to the state.
• Familiarize yourself with state-specific laws and regulations. Each state has unique laws governing unclaimed property, including life insurance benefits. These laws outline the procedures for reporting, claiming, and disposing of unclaimed property. Understanding the specific laws in the state you are searching can help you navigate the process more effectively.
• Contact the state's unclaimed property office for assistance. If you have questions or need help with your search, don't hesitate to reach out to the state's unclaimed property office. They can provide guidance and support throughout the process of locating and claiming unclaimed life insurance benefits.

Checking bank statements for payments to life insurance companies

Locating the Statements

Firstly, you'll need to locate the necessary bank statements. These can usually be found by logging into the account holder's online banking profile or through a paper statement sent by mail. If you have access to their online banking, you can download or print the statements for further analysis. If you're working with paper statements, make sure you have the most recent ones available.

Identifying Payments to Insurance Companies

Once you have the bank statements, you'll need to carefully scrutinize them for any payments made to insurance companies. Look for transactions that are recurring and made on a regular basis (monthly, quarterly, or annually). These payments may be listed under the name of the insurance company or a generic description such as "insurance premium." Check both the credit and debit columns, as the payments could be listed in either section.

Verifying the Nature of Payments

If you identify potential payments to insurance companies, the next step is to verify whether these payments are for life insurance specifically. This may require further investigation. Look for any additional documentation or correspondence related to these payments. Sometimes, the bank statement may provide a reference number or a brief description that can help identify the type of insurance. Additionally, check the account holder's emails, letters, or other documents that might provide more context.

Contacting the Insurance Company

Once you've identified consistent payments to a life insurance company, the next step is to contact that company directly. You can usually find their contact information on their website or through a simple online search. Explain your situation and provide them with the necessary details, such as the account holder's name, policy number (if known), and any other relevant information. They may be able to confirm the existence of a life insurance policy and guide you through the next steps.

Reviewing Canceled Checks

In addition to analyzing bank statements, it's worth reviewing canceled checks if the account holder used checks as a payment method. Canceled checks can provide additional evidence of payments made to insurance companies. This is especially relevant if the account holder did not use online banking or if their online statements do not provide sufficient detail. Review the payee information on the canceled checks to identify any payments made to insurance providers.

Remember, if you are trying to locate a life insurance policy for a deceased loved one, you can also utilize tools like the NAIC Life Insurance Policy Locator, which is a free online service that can assist you in your search.

Contacting the deceased's previous employer

If you are trying to find out whether your deceased loved one had life insurance, one of the steps you can take is to contact their previous employer. This is because the deceased may have been a certificate holder of an employer-provided group life policy.

Before contacting the deceased's previous employer, you should conduct a diligent search of their records. This includes searching through their physical and digital documents, bank safe deposit boxes, and other storage spaces for insurance-related documents. You should also check their bank statements for checks or automatic drafts to life insurance companies, as well as their mail and email for premium or dividend notices.

If this search does not provide any information about a life insurance policy, you can then try contacting the deceased's previous employer. Here are some tips to guide you through this process:

• Identify the correct person to contact at the deceased's previous employer. This could be someone from the human resources department or the benefits administration department.
• Gather all the necessary information before reaching out. This includes your name and contact information, as well as the deceased's full name, date of birth, date of death, and any other relevant information.
• Contact the employer via phone or email. Explain your relationship to the deceased and why you are trying to locate their life insurance policy. Provide them with the deceased's full name and any other relevant information, such as their employee ID or social security number.
• Ask if the deceased was enrolled in an employer-provided group life insurance policy. If so, request information about the policy, such as the policy number, the insurance company, and the designated beneficiaries.
• Follow up with the insurance company directly to confirm the policy's existence and obtain further details. You may need to provide proof of your relationship to the deceased and your own identity.

Remember that contacting the deceased's previous employer is just one step in locating their life insurance policy. You can also try searching through their records, checking with their insurance agents or financial advisors, and using online tools such as the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator Service.

Frequently asked questions