How to Locate Lost Life Insurance Policies
If you're the beneficiary of a lost life insurance policy but don't know where to begin looking, search options are available at both gratis and premium levels. The benefit and interest accrued from the lost policy won't expire while you're locating the name of the insurer, and the physical policy is not required to claim a benefit.
- Begin your search with as much information about the policyholder as possible for official presentation as it is needed. Search also for receipts and stacks of old bills. Policy payments will list the name of the insurer and, in most cases, the policy number. If you don't find payment documents, inquire with the bank of the policyholder. In some cases, a customer's bank is the insurer of their policy. If this is not the case, and you're a very close relative, you may be allowed to request a copy of past transactions that possibly contain useful data for your search. A safety deposit box might also contain documents you weren't aware of, or there may be credit card statements that list a paying history with the insurance company you're seeking.
- Check with the policyholder's employer. A group policy may have been taken out with them. Tax records might also display interest earned on the cash value of life insurance policies that identify the underwriting company. If these avenues prove fruitless, pay a visit to your city comptroller, and inquire about their process for searching unclaimed funds. If an insurance company can't locate a beneficiary to pay out their benefit, they will relinquish the monies to the state where funds will wait to be claimed. One in three life insurance policies go unpaid.
- Utilize the aid of organizations and services put in place to help when the usual approaches are unsuccessful. The National Association of Insurance Commissioners offers a location system for life insurance companies that could pinpoint the issuing company of the policy in question. Visit your state's insurance department for a list of authorized insurers to obtain contact information from for direct queries.
- Invest a small amount for a more intense targeted search if previous measures have failed. An expert in locating lost life insurance policies is skilled in the preparation of queries for digital use, over the phone, and regular mail. If there are scores of companies to contact, the service can save you a lot of time. Alternatively, you can purchase access to a database search on the Unclaimed site for $18.00 or pay a fee of $75.00 to MIB solutions to comb their database of applications for policies exceeding 14 years.