Locate A Lost Life Insurance Policy

Your Aunt Martha calls you and asks for help locating her deceased husband's lost life insurance policy. She doesn't know which company insured him. What to do?

 

Here's a detailed guide to help locate a lost life insurance policy:

1. Contact Known Insurers

Reach out to any insurance companies they have dealt with in the past. They can check their records for active policies listed under the deceased’s name, date of birth, and Social Security number.

2. Search Personal Documents

Look through personal paperwork for clues about a life insurance policy. This includes financial documents, wills, and safe deposit boxes where the policy might have been stored.

3. Review Bank Statements

Examine bank statements for regular premium payments to insurance companies. This can provide a lead on the existence and company location of a policy. Also, go through cancelled checks for any company clues. Don't forget credit card statements. 

4. Consult Financial Advisors

Financial advisors or lawyers who assisted in managing financial affairs might have records of any insurance policies purchased.

5. Check Online Resources and State Databases

We're in North Carolina, and the NC Department of Insurance will assist any NC resident. Most states probably have similar resources. Additionally, I can't speak for every state, but many states hold databases for unclaimed property, including life insurance benefits. Access these public resources online to search for any unclaimed policies.

6. Reach Out to Past Employers

Employers, mainly if the deceased was employed at the time of their passing, might have records of group life insurance plans that were part of an employee benefits package.

7. Engage a Professional Service

This is a last resort, as employing these companies will cost. A professional tracing service specializing in tracking lost life insurance policies is available. They have the expertise and resources to perform comprehensive searches.

8. Review Safety Deposit Boxes

If you have access, review any safety deposit boxes for stored documents or references to life insurance policies.

9. Inform Family and Consult Others

Communicate with family members and others who might have been appointed executors or called upon as beneficiaries, as they might have additional information or access to records.

10. Submit a Request Through the National Association of Insurance Commissioners

You can submit a request for a lost policy search through the NAIC (https://eapps.naic.org/life-policy-locator/#/welcome), which is an organization that helps track insurance policies across different companies. Most carriers are members, and there is no cost. 

 

These organized steps can enhance the likelihood of locating a missing policy. Once located, the beneficiary can submit a lost policy affidavit and death certificate to claim their entitled benefits.