Are you wondering that you could be the beneficiary of a life insurance policy that one of your deceased relative left behind?
Still wondering how would you ever find out about its existence?
Well, don’t worry too much about your clueless condition. There are ways that can help you find that precious policy that was left behind by your loved one. Every year a lot of insurance money gets turned over to the state’s unclaimed property for this lack of knowledge, where it awaits to be claimed. So, if you think you might be a deceased’s beneficiary and entitled to death benefits then start hunting for the lost policy.
Locating the life insurance policy might make you feel like a mystery hunter but it does pay to do all the fact findings. Following are the ways that can help you unravel the lost policy:
1. Finding Clues:
If you were not ever personally told by the insured about his/her life insurance beneficiary or about the policy itself, then talk to the close friends and relatives. These people may have information about the policy owing to their close association with the deceased.
2. Locating the Agents:
Find out about the deceased’s insurance financial advisors such as agents, brokers, attorneys or accountants. Go through the telephone diaries or other personal documents to obtain contact numbers of these financial advisors.
3. Searching Storages:
Search for copies of any policy, if you have access to all the storage areas. Look into the cabinets, safety deposit boxes, strong boxes, attic or basement.
4. Probing Bank Records:
Look into the deceased’s bank statements, passbooks to find out about insurance premium payments. Apart from this, also check banking records for cancelled checks.
5. Going through Mails:
Check the mail box of the deceased apart from going through the old mails. These mails may contain policy information and notices that can serve your purpose.
6. Questioning Employers:
Contact the human resource department of the deceased’s previous employers. This will help in getting information about any life insurance policies that might have been taken out under group plans or professional associations.
7. Using the Other Policies:
If you have the knowledge about any other life insurance policy, even if it’s lapsed, obtain a copy of its application form. This is because all life insurance applicants need to provide details about other life insurance policies in the application form.
8. Reviewing Income Tax Returns:
As life insurance companies pay interest on cash values on permanent life insurance, it would get recorded in income tax files. So, review the income tax returns of the deceased for any interest income or expense connected to life insurance companies.
9. Seeking the help of NICH:
In case, you get negative results using the above mentioned steps and still believe that there is a life insurance, then consider using the National Insurance Consumer Helpline. NICH will ask insurance companies to undertake a policy search for possible insurance coverage on a deceased's life.
10. Resorting to MIB:
As your final resort, contact the Medical Information Bureau (MIB), an age old association that stores medical information of individuals. MIB maintains a database of the last seven years of life insurance application based information. Apart from this, MIB and other private companies offer a service known as the ‘Policy locator service’ that you can use to your advantage. This service can track down insurance applications for over the last 12 years for a service charge.
Using these steps will help you to uncover the missing policy from which you can be benefited. Remember, if you don’t want your loved ones or beneficiaries to sweat over all such investigations, keep them well informed about your policy as well as the insurance company. This will help your beneficiaries making a proper claim on time and get the benefits you meant them to have.
Well, don’t worry too much about your clueless condition. There are ways that can help you find that precious policy that was left behind by your loved one. Every year a lot of insurance money gets turned over to the state’s unclaimed property for this lack of knowledge, where it awaits to be claimed. So, if you think you might be a deceased’s beneficiary and entitled to death benefits then start hunting for the lost policy.
Locating the life insurance policy might make you feel like a mystery hunter but it does pay to do all the fact findings. Following are the ways that can help you unravel the lost policy:
1. Finding Clues:
If you were not ever personally told by the insured about his/her life insurance beneficiary or about the policy itself, then talk to the close friends and relatives. These people may have information about the policy owing to their close association with the deceased.
2. Locating the Agents:
Find out about the deceased’s insurance financial advisors such as agents, brokers, attorneys or accountants. Go through the telephone diaries or other personal documents to obtain contact numbers of these financial advisors.
3. Searching Storages:
Search for copies of any policy, if you have access to all the storage areas. Look into the cabinets, safety deposit boxes, strong boxes, attic or basement.
4. Probing Bank Records:
Look into the deceased’s bank statements, passbooks to find out about insurance premium payments. Apart from this, also check banking records for cancelled checks.
5. Going through Mails:
Check the mail box of the deceased apart from going through the old mails. These mails may contain policy information and notices that can serve your purpose.
6. Questioning Employers:
Contact the human resource department of the deceased’s previous employers. This will help in getting information about any life insurance policies that might have been taken out under group plans or professional associations.
7. Using the Other Policies:
If you have the knowledge about any other life insurance policy, even if it’s lapsed, obtain a copy of its application form. This is because all life insurance applicants need to provide details about other life insurance policies in the application form.
8. Reviewing Income Tax Returns:
As life insurance companies pay interest on cash values on permanent life insurance, it would get recorded in income tax files. So, review the income tax returns of the deceased for any interest income or expense connected to life insurance companies.
9. Seeking the help of NICH:
In case, you get negative results using the above mentioned steps and still believe that there is a life insurance, then consider using the National Insurance Consumer Helpline. NICH will ask insurance companies to undertake a policy search for possible insurance coverage on a deceased's life.
10. Resorting to MIB:
As your final resort, contact the Medical Information Bureau (MIB), an age old association that stores medical information of individuals. MIB maintains a database of the last seven years of life insurance application based information. Apart from this, MIB and other private companies offer a service known as the ‘Policy locator service’ that you can use to your advantage. This service can track down insurance applications for over the last 12 years for a service charge.
Using these steps will help you to uncover the missing policy from which you can be benefited. Remember, if you don’t want your loved ones or beneficiaries to sweat over all such investigations, keep them well informed about your policy as well as the insurance company. This will help your beneficiaries making a proper claim on time and get the benefits you meant them to have.Blog Category