When someone close to you passes away, your first thoughts won’t be centered around their life insurance policy. But, when the thought does come about, you may feel lost and not know where to begin. You know they had a life insurance policy, but you don’t have a copy of the policy, and you don’t even know what company holds the policy. So, what now? This is a common occurrence. And, don’t worry, all is far from lost.
Without the proper documentation, your search might be more frustrating than necessary, so come in prepared. First, make sure that if you were to call anyone for information, you might need to supply the person’s death certificate to get the information you need. In certain circumstances, you might also need to be that person’s estate executor. When you’re ready, here are a few steps you can take to find a lost life insurance policy when you lose a loved one.
Contact Their Employer
Start in the most obvious places first. Many employees take part in a group life insurance policy that was part of their workplace benefits. Contact the human resources department of the person’s employer to inquire about the possibility of an insurance policy. They may at least be able to point you in the right direction.
Check with Their Insurance Agent
Another potential resource is the person’s insurance agent. If they mentioned a particular agency they used for auto or homeowners insurance, it’s possible they were also sold a life insurance policy as well. Try searching through a wallet, purse, or other personal items to find their insurance cards to point you in the direction of the correct agency.
Check Their Mailbox and Safe Deposit Box
If they were paying for their insurance monthly, you might be able to find a statement or bill in the mailbox. However, this may be futile if they paid their insurance annually and had recently paid the bill. Beyond the mailbox, see if there are any stacks of mail in the house in desk drawers or any other place one might keep records. It’s also possible that they have a safe deposit box at the bank where they kept a copy of their policy.
Search Through Paperwork
In most houses, you will find a file cabinet, desk, or other catch-all space in which a person has stored important documents that they knew they might need one day. Search through all the major spots to find paperwork that could include the insurance policy—and likely includes other information that you will need later, as well.
Contact Their Financial Advisor
It’s very common for a financial advisor to be a licensed life insurance agent to help their clients prepare their estates through comprehensive strategies. If your loved one worked with a financial advisor, they might have taken out an insurance policy with them as well.
Search for the Policy Via Online Tools
Depending on the amount of time that has passed since your loved one passed away, the insurance money may have been turned over to the National Association of Unclaimed Property Administrators. You might also try a tool powered by the National Association of Insurance Commissioners, called the Life Insurance Policy Locator Service. Additionally, check the Missing Money website to search for free and file a claim if you were to identify the policy there. And, finally, as a last-ditch effort, if there is any chance that the insurance policy originated in Canada, you can search the Canadian Ombudservice for Life and Health Insurance.
Do you need help getting the life insurance coverage you need? Contact us today to get started!
