Life insurance is a valuable tool for individuals to provide for their loved ones when death occurs. Individuals purchase life insurance for different reasons during the course of their life and it isn't uncommon for an individual to own a half dozen or more policies at one time. What happens when a loved one passes and you know several policies exist, but are unable to locate them? Here are some tips on how to find lost life insurance policies.
Contact all of the personal advisors of the deceased. Insurance advisors, financial planners, attorneys, and even CPAs should have a working knowledge of the deceased financial situation. Attorneys will draft trusts that are funded with insurance, accountants will record interest paid out from insurance policies, and financial and insurance advisors will know what policies their clients own.
Locate banking and credit card information for the deceased. Some companies have policies in place that force the accounts to be settled through payment in full; others will release the person's estate from the debt. Check bank statements for any charge that may be from an insurance company and contact the home office of an insurer should something be found.
Look around the home of the deceased. While these papers may not in plain sight, you might check in dresser/bureau drawers and around any computer areas in the home. Some people keep a fireproof safe in a closet for these kinds of important papers and still others keep them hidden away in a box. Be sure to conduct a thorough search of the home to locate any insurance policy paperwork.
The last option for finding lost policies is to contact the state department of insurance and/or the medical information bureau. Every state has an insurance department that keeps records of all insurance business done in that state. The medical information bureau is a nationwide organization that records medical information during the insurance application process. Searching the bureau isn't free or always successful, but it is an option of last resort.