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How To Track Down A Lost Life Insurance Policy
There is no national or state database of insurance policies to consult so responsible people take steps to ensure that the loved ones they leave behind after death have access to all important financial records. The last thing anyone needs on top of grieving over the loss of a loved one is to have to deal with the additional stress of figuring out unknown financial information such as tracking down a lost life insurance policy.
If you can't find a hardcopy of a life insurance policy you have your work cut out for you. In this situation, the Insurance Information Institute (iii) recommends the following step:
1) Check whether the deceased had a safety deposit box at their bank. Many people store financial records there. You will need a key to open the box. Worse case, you can pay the bank a fee to drill open the lock.
2) Review financial records such as bank statements and checkbook registers for payments to an insurance company. For example, my insurance company mails me a statement each month to verify the monthly premium payment.
3) Scour their address book for names of accountants, insurance agents and other financial advisors. They may know something you don't.
4) The MIB Group is an insurance trade association. For about $75 they will conduct a search on your behalf for insurance policies in the deceased's name. MIB reports that this works about 25% of the time.
5) Private search firms are available. For a fee they will call insurance companies on your behalf and try to track down any life insurance policies.
Don't Forget Employer Provided Insurance If the deceased was still working at the time of their death, check with the human resources department at their employer. Many companies offer life insurance policies to their employees as part of their benefits program. Premiums are usually deducted from the employee's paycheck each pay period so look for recent pay stubs when sifting through financial records. These days, many companies issue electronic pay stubs so you may need to get a username and password to sign-on to a company's benefits website (Human Resources should be able to help direct you).
Avoiding Lost Or Unknown Insurance Policies How can you avoid this needle in a haystack scenario? The best thing to do is to be organized before there's a problem. Have these uncomfortable conversations with your family while you can before it is too late.
For example, many years ago, one of my close family members showed me a dresser drawer in their bedroom where I can find a folder of important financial documents (investment accounts, insurance policies, important names and phone numbers) in the event something unexpected happened to them. Another way is to type up a spreadsheet of all financial accounts, account numbers, user names and passwords and store in on a computer for easy access.
Author Resource:-
Nathan Randall, editor, DailyDollar Newsletter provides free daily advice on money matters plus coupons and discount codes. FYI...you can now access the DailyDollar Newsletter via iTunes podcast, YouTube video, and on Facebook and Twitter too.
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