When a Life Insurance Policy is Lost
There are many emotions upon the death of a loved one. Sometimes financial paperwork (like a life insurance policy), gets misplaced or hidden. It can be hard to know who to contact in order to file a claim or send out the death certificate to. These tips can help you locate lost life insurance policy info:
- Contact the (former) employers for records. The employer may have sponsored a group life insurance policy, and the insured may have converted it to a private policy later. They also may have kept this info in case of an emergency.
- Contact the issuing life insurance agent, who may be a coworker, family member or a friend. Someone the insured trusted at one time.
- Review bank statements and canceled checks. You may have to order (and pay) for these plus along with evidence you are entitled to the info. If you recognize an insurance company name, contact them, contact us, or google the name and see who they were sold to. Insurance companies are constantly merging, spinning off, changing brands, etc.
- review memos, letters, sttements or other financial docs. You might find a policy renewal letter or statements.
- For $75, you can search MIB to see if they former relative filled out an application for life insurance. Download MIB's form, pay and they scan over 180 million records representing applications for individually underwritten life insurance processed the previous 14 years. Customers using the Policy Locator Service experience response rates over 25%, sometimes even finding more than one application.
- Contact the department of insurance in the insured's state to see if they purchased life insurance or recorded their insurance policies. The DOI may be able to can look these policies up with your relative's name, Social Security number and DOB.
- Go to the NAIC Life Insurance Company Location System and follow the instructions. They show you who to contact at which department of insurance.
Warning: If you try and access your relative's personal financial records illegally, you could face criminal charges and other action.
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