parents recently passed away - how do I find out if they had a life insurance policy
Total Comments: 11
Posted: Wed May 06, 2009 06:54 pm Post Subject:
The least inexpensive way is to go through ALL their paperwork... and if you have a death certificate figure out if they had a safe dep box at a bank (since a lot of people keep ins papers there)...
If they used a specific insurance agency, their agent might know whether they had a life policy.
Otherwise the alternatives are to hire someone to do research for you which is not free.
I am assuming you have access to your parents things...
Posted: Thu May 07, 2009 05:05 am Post Subject:
Hi Naty, we keep on receiving similar queries from our members. Often the loved ones can't find the policies that were left to them by the deceased, when they need it the most.
IMO everyone should consider it as a responsibility to inform the family members or at least the beneficiaries about the policies to avoid future difficulties. What do you say?
Regards,
Juanita
Posted: Thu May 07, 2009 06:38 am Post Subject:
yes. if the person have been told or the bebeneficiary party have been informed by this issue. then there would be no such questions at all.
but the starter's parents have passed away and he have never heard from them about this topic. so they have to do some actions to check whether their parents have some ploicys or not.
i think only check the parents belongings would be fine. if they ever been insured the related docs would can be found.
Posted: Thu May 07, 2009 09:45 am Post Subject:
Hi natyb,
Otherwise the alternatives are to hire someone to do research for you which is not free.
I guess this is the last option if other things fail to locate it. Now, you'd certainly need to pay for a policy locator service. So, go for it only when you're sure that the policy really exists and you could be one of the strongest contenders. Do you get my point!
Steven
Posted: Thu May 07, 2009 02:18 pm Post Subject:
Steven:
you could be one of the strongest contenders
Absolutely! nothing worse than to go through all this...do all the leg work and then find out that your parents chose someone else as their beneficiary.
Posted: Thu May 07, 2009 03:38 pm Post Subject:
Search for paperwork and know that is there any policy they have?
Just confirm that then move further action
Posted: Thu May 07, 2009 08:04 pm Post Subject:
Thus, to answer your questions there is no nationwide life insurance database.
Posted: Fri May 08, 2009 04:51 am Post Subject:
Absolutely! nothing worse than to go through all this...do all the leg work and then find out that your parents chose someone else as their beneficiary.
Agreed, but then if you don't take the pain you wouldn't come to know either if anything is there for you. I gather that the insurance company isn't liable to answer the queries about the beneficiary status if you're not the person. Then, how would someone go about finding out about the policies left by the deceased?
Posted: Fri May 08, 2009 04:54 am Post Subject:
Thus, to answer your questions there is no nationwide life insurance database.
But I think the need is certainly there. At least there should be an interface where one can search for the life insurance plans left to them by their loved ones. Often people just end-up not receiving the benefits they are entitled to.
Posted: Fri May 08, 2009 06:39 am Post Subject:
natyb:
do all the leg work and then find out that your parents chose someone else as their beneficiary.
That's the tragedy!
We'd often believe that our parents would plan everything keeping our well being in mind..but it doesn't always happen that way.
Moreover as our parents grow older, their thought process gets distracted easily and it becomes easy for others to persuade them.
That's why I suggest its better to search all the address books, files containing financial documents as well as consult friends and colleagues of the deceased before you spend anything towards identifying his policies.
Posted: Wed May 06, 2009 06:54 pm Post Subject:
The least inexpensive way is to go through ALL their paperwork... and if you have a death certificate figure out if they had a safe dep box at a bank (since a lot of people keep ins papers there)...
If they used a specific insurance agency, their agent might know whether they had a life policy.
Otherwise the alternatives are to hire someone to do research for you which is not free.
I am assuming you have access to your parents things...
Posted: Thu May 07, 2009 05:05 am Post Subject:
Hi Naty, we keep on receiving similar queries from our members. Often the loved ones can't find the policies that were left to them by the deceased, when they need it the most.
IMO everyone should consider it as a responsibility to inform the family members or at least the beneficiaries about the policies to avoid future difficulties. What do you say?
Regards,
Juanita
Posted: Thu May 07, 2009 06:38 am Post Subject:
yes. if the person have been told or the bebeneficiary party have been informed by this issue. then there would be no such questions at all.
but the starter's parents have passed away and he have never heard from them about this topic. so they have to do some actions to check whether their parents have some ploicys or not.
i think only check the parents belongings would be fine. if they ever been insured the related docs would can be found.
Posted: Thu May 07, 2009 09:45 am Post Subject:
Hi natyb,
Otherwise the alternatives are to hire someone to do research for you which is not free.
I guess this is the last option if other things fail to locate it. Now, you'd certainly need to pay for a policy locator service. So, go for it only when you're sure that the policy really exists and you could be one of the strongest contenders. Do you get my point!
Steven
Posted: Thu May 07, 2009 02:18 pm Post Subject:
Steven:
you could be one of the strongest contenders
Absolutely! nothing worse than to go through all this...do all the leg work and then find out that your parents chose someone else as their beneficiary.
Posted: Thu May 07, 2009 03:38 pm Post Subject:
Search for paperwork and know that is there any policy they have?
Just confirm that then move further action
Posted: Thu May 07, 2009 08:04 pm Post Subject:
Thus, to answer your questions there is no nationwide life insurance database.
Posted: Fri May 08, 2009 04:51 am Post Subject:
Absolutely! nothing worse than to go through all this...do all the leg work and then find out that your parents chose someone else as their beneficiary.
Agreed, but then if you don't take the pain you wouldn't come to know either if anything is there for you. I gather that the insurance company isn't liable to answer the queries about the beneficiary status if you're not the person. Then, how would someone go about finding out about the policies left by the deceased?
Posted: Fri May 08, 2009 04:54 am Post Subject:
Thus, to answer your questions there is no nationwide life insurance database.
But I think the need is certainly there. At least there should be an interface where one can search for the life insurance plans left to them by their loved ones. Often people just end-up not receiving the benefits they are entitled to.
Posted: Fri May 08, 2009 06:39 am Post Subject:
natyb:
do all the leg work and then find out that your parents chose someone else as their beneficiary.
That's the tragedy!
We'd often believe that our parents would plan everything keeping our well being in mind..but it doesn't always happen that way.
Moreover as our parents grow older, their thought process gets distracted easily and it becomes easy for others to persuade them.
That's why I suggest its better to search all the address books, files containing financial documents as well as consult friends and colleagues of the deceased before you spend anything towards identifying his policies.
Steven
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