Steps to Take to Find your Unclaimed Life Insurance Funds

By: Emma M., Assistancefinder
Published Mar 30, 2020 8:19:31 AM


It isn’t entirely unheard of for someone to pass away with a life insurance policy that the family isn’t aware of. The process of tracking down an unclaimed life insurance policy isn’t always the easiest. The potential of the benefits a life insurance policy provides make it worth taking the time to hunt down.

Policies go Unclaimed Frequently

Current estimates are that approximately 1 in 600 people have an unclaimed policy that they haven’t collected on for an average of $2,000 per policy. The companies providing the policies do attempt to find the beneficiary named in the policy, but they aren’t always successful primarily due to strict state laws. These restrictive laws in some states require social security numbers to track down people, which the insurance companies usually don’t have access to.

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Finding Lost Life Insurance Policy Money

Hard work

It’s going to take some time and effort to find out if you have unclaimed money waiting for you somewhere. Insurance companies also require you to prove that you are a beneficiary of the policy. They can also opt not to talk to you, which makes it impossible to claim any funds from that company.

Find paperwork

It’s easiest to find the necessary paperwork if your loved one has recently passed away since everything is still fresh. Start your search by searching through personal files or looking at bank statements or pay stubs for life insurance premiums. This can help you locate who the policy is through and set you on the path to collecting your money.

Contact the company

If you know that your loved one has a policy and you know the name of the company it was through, contact them directly. They can offer resources and vital information to help you find the policy. If for any reason, you’re unable to get in touch with the insurance company directly, then you’ll want to escalate your efforts to the insurance department in your state.

Check the right state

You can’t find a policy if you don’t know where it is located, especially if you’re looking in one state and the policy is in another. The policy doesn’t have to be in the state where the individual lived when they passed away. They might have purchased the policy from out-of-state at some point. If the company is no longer in business, consult with the state insurance commissioner to determine the next steps to take.

Consult with Previous Employers

A large majority of people purchase life insurance policies through their employers. An employer may be able to give you information such as when the policy was purchased and where. Some policies terminate when the employee leaves the company, but employees may opt to continue the coverage and pay for it themselves.

Financial Assistants

Check with any individuals your loved one may have used for their financial services such as an accountant, financial advisor, or insurance agent for information about the policy. Even if they didn’t have anything to do with it, they might have some information to help steer you in the right direction.

Missing Policy Locator

Call or go to your local insurance office and request for them to check their files if you have reason to believe that you’re a beneficiary of a life insurance policy.

Unclaimed Property

Eventually, the unclaimed insurance money gets sent to an office for unclaimed property. Check the office in the state where the policy originated for accurate information. An insurance rating agency can also give you useful information.

It’s too late for you to speak to or see your relative, but it’s not too late to find life insurance money that you’re entitled to as a beneficiary. On your journey, you’ll know what to do and what not to do to prevent your loved ones from having to do the same thing themselves. Always inform your beneficiaries if you have a life insurance policy, so they know about it, and give the insurance company as much information as you can about them. This includes name, addresses, phone numbers, and social security numbers. Providing more information makes it easier for the company to locate the beneficiaries.


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