It is not uncommon for people to die without letting their family members know about a life insurance policy. If a life insurance policy goes unclaimed, then it can be difficult to track it down. However, a life insurance policy is something that is definitely worth looking for.
It is estimated that 1 in 600 people have an unclaimed life insurance policy. The average policy is worth $2,000. Insurance companies try hard to find people who have unclaimed life insurance policies. However, states have tried to make it harder for insurance companies to find people. In fact, some states have put laws in place requiring insurance companies to use social security numbers in order to track people.
How to find Your Life Insurance Policy Money
Be Ready to put in Some Work
Finding unclaimed insurance money will take some work. It is also important to note that insurance companies will only be able to provide information to people who can prove that they are the beneficiaries. If the insurance company does not want to talk to you, then you may not be entitled to any insurance benefits.
Search for the Paperwork
If your loved one recently died, then it will be easier for you to locate the paperwork. You should check for bank statements in the mail that show premium payments. You may also want to go through personal files.
Search for the Insurance Company
If you know that there is a policy, then you should contact the insurance company directly. Most insurance companies have resources that will help you find the policy. If you cannot get in touch with the insurance company on the policy, then you should contact the state insurance department.
Look in the Right State
You have to know where the policy was purchased. Even if your relative died in South Carolina, they may have purchased the policy in Ohio. If the insurance company is no longer in business, then the state insurance commissioner should be able to provide you with information.
Check With Previous Employment Services
Search for Financial Connections
If your loved one worked for a financial planner, accountant or insurance agent, then they may be able to provide you with information about the insurance policy. The professional may be able to help you even if they do not have anything to do with the life insurance policy.
Check With the Missing Policy Locator
You should check with your local insurance office. You can submit a request to the insurance companies and ask them to check their files if you believe that you are the beneficiary.
Unclaimed Property Files
Eventually, all unclaimed funds will be sent to an unclaimed property office. Make sure that you check with the state where the policy was. You may also want to check with an insurance rating agency.
Pay for a MIB Database Search
This is a database that once stood for Medical Information Bureau. It has a list of insurance applications. This is not something that you want to do first because you will have to pay a fee for this service.
The Takeaway Lesson
It may be too late for you to get in touch with your relatives. However, if they left you with life insurance benefits, then you should do everything that you can to locate the policy. The lessons you learn from this can prevent another generation from having to go through the hassle of tracking down an unclaimed insurance policy.
If you have a life insurance policy, then you should make sure that you tell your beneficiaries about this. Give the insurance company as much information as you can about the beneficiaries. This includes things such as address, name and social security number. The more information you provide, the easier it will be for insurance companies to track down people.
Lots of Life Insurance Policies go Unclaimed
It is estimated that 1 in 600 people have an unclaimed life insurance policy. The average policy is worth $2,000. Insurance companies try hard to find people who have unclaimed life insurance policies. However, states have tried to make it harder for insurance companies to find people. In fact, some states have put laws in place requiring insurance companies to use social security numbers in order to track people.
How to find Your Life Insurance Policy Money
Be Ready to put in Some Work
Finding unclaimed insurance money will take some work. It is also important to note that insurance companies will only be able to provide information to people who can prove that they are the beneficiaries. If the insurance company does not want to talk to you, then you may not be entitled to any insurance benefits.
Search for the Paperwork
If your loved one recently died, then it will be easier for you to locate the paperwork. You should check for bank statements in the mail that show premium payments. You may also want to go through personal files.
Search for the Insurance Company
If you know that there is a policy, then you should contact the insurance company directly. Most insurance companies have resources that will help you find the policy. If you cannot get in touch with the insurance company on the policy, then you should contact the state insurance department.
Look in the Right State
You have to know where the policy was purchased. Even if your relative died in South Carolina, they may have purchased the policy in Ohio. If the insurance company is no longer in business, then the state insurance commissioner should be able to provide you with information.
Check With Previous Employment Services
Most people purchase life insurance policies through their employers. The majority of these policies are term policies, which are only for a limited amount of time. The policy may be terminated once the person stops working for the company. However, people will sometimes keep their policy. That is why it is a good idea to get in touch with previous employers.
Search for Financial Connections
If your loved one worked for a financial planner, accountant or insurance agent, then they may be able to provide you with information about the insurance policy. The professional may be able to help you even if they do not have anything to do with the life insurance policy.
Check With the Missing Policy Locator
You should check with your local insurance office. You can submit a request to the insurance companies and ask them to check their files if you believe that you are the beneficiary.
Unclaimed Property Files
Eventually, all unclaimed funds will be sent to an unclaimed property office. Make sure that you check with the state where the policy was. You may also want to check with an insurance rating agency.
Pay for a MIB Database Search
This is a database that once stood for Medical Information Bureau. It has a list of insurance applications. This is not something that you want to do first because you will have to pay a fee for this service.
The Takeaway Lesson
It may be too late for you to get in touch with your relatives. However, if they left you with life insurance benefits, then you should do everything that you can to locate the policy. The lessons you learn from this can prevent another generation from having to go through the hassle of tracking down an unclaimed insurance policy.
If you have a life insurance policy, then you should make sure that you tell your beneficiaries about this. Give the insurance company as much information as you can about the beneficiaries. This includes things such as address, name and social security number. The more information you provide, the easier it will be for insurance companies to track down people.
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