How to Locate a Lost Life Insurance Policy

How to Locate a Lost Life Insurance Policy

When you have to help a customer locate a deceased family member’s lost life insurance it can be a timely and frustrating process for both parties involved. 

Why Do Benefits Go Unclaimed? 

There are many reasons as to why a life insurance may go unclaimed. There may be times where carriers merge or are acquired, other times there is uncertainty about a policy continued in force, but many benefits go unclaimed simply because the beneficiary is unaware of the existence of such policy or they are unable to find it.

How to Find the Policy

  1. Search the insurance-related files. Make sure that you have checked your insurance files. It may just be stuck behind another piece of paper you might not have checked.
  2. Contact the employer. If the deceased person in question was working at the time of death, their employer may have a copy of the insurance policy.
  3. Look over canceled checks and bank books. Look for any checks that were written for the insurance company.
  4. Search the insurance company. It may be that the life insurance company in question may not exist anymore or was absorbed by another company. If so, contact the new company from which it was absorbed.
  5. Check your state’s unclaimed property office. Start with the National Association of Unclaimed Property Administrators and follow the on-screen instructions to see if they have a record of your insurance policy.
  6. The MIB database. The Men In Black can’t help you with such Earthly matters, but the Medical Information Bureau can. The MIB Group database has individual life insurance applications underwritten since 1996.

To find a quality life insurance policy that is affordable and comprehensible, without too much stress, contact Miller Insurance Agency, Inc. in Carlisle. We’re happy to help you with the policy that you and your family need!