12 EASY STEPS LOCATING LOST LIFE INSURANCE POLICY.......

12 EASY STEPS LOCATING LOST LIFE INSURANCE POLICY.......

12 Easy Steps To Locating Lost Life Insurance Policy Documents

Tactics for Tackling a Difficult Task amid Difficult Times .

Locating life insurance documents for a dead relative can be a intimidating task—for one thing, as of this instant there are no national databases of all life cover policies. However, with a little sleuthing, you can successfully find the way the paper trail.

1.    Look for Insurance Related Documents :

Search through files, bank safe put down boxes and other storage seats to see if there are any insurance related documents. Also, check address books for the names of any insurance professionals or companies—an agent or company who sold the deceased their auto or home insurance may know about the existence of a life insurance policy.

2.    Contact Financial Advisors :

Present or prior attorneys, accountants, speculation advisors, bankers, business insurance agents/broker and other financial professionals might have information about the deceased’s life insurance policies.

3. Review Life Insurance Applications :

The application for each policy is emotionally involved to that policy. So if you can find any of the deceased’s life insurance policies, look at the request—will have a list of any other life insurance policy owned at the time of the application.

3.    Contact Previous Employers

Former employers continue proceedings of past group policies.

4.    Check Bank Books, Statements and Canceled Checks :

See if any checks have been made out to life insurance company over the years.

5.    Check the Mail for a Year Following the Death of the Policyholder :

Look for premium notices or bonus notice. If a policy has been paid up, there will no notice of premium payments due; however, the company may still send an annual notice concerning the status of the policy or notice of a bonus.

7. Review the Deceased’s Income Tax Returns for the Past Two Years :

Look for interest proceeds from and interest expenses paid to life insurance companies. Life insurance companies pay interest on accumulation on permanent policies and charge interest on policy loans.

8. Contact State Insurance Departments :

Twenty-nine condition insurance departments offer free search armed forces to residents looking for lost policies. The National Association of Insurance Commissioners (NAIC) has a “Life Insurance Company Location System” to help you find state insurance department official who can help to identify companies that might have written life insurance on the dead. To right of entry that service, go to the NAIC’s Life Insurance Company Location System.

9. Check with the State’s Unclaimed Property Office :

If a life cover company knows that an insured client has died but can’t find the beneficiary, it must turn the death benefit over to the state in which the policy was purchased as “unclaimed property.” If you know (or can guess) where the policy was bought, you can contact the state comptroller’s section to see if it has any unclaimed money from life cover policies belonging to the dead. A good place to create is the National Association of Unclaimed Property Administration.

10. Contact a Private Service That Will Search for “Lost Life Insurance :

Several private company will, for a fee, contact insurance company on your behalf to find out if the deceased was insured. This service is often provide through their websites.

11. Do You Think the Policy Might Have Been Bought in Canada :

If so, you try contact the Canadian Life and Health Insurance Association for information.

12. Search the MIB database :

As we had said, there’s no folder of policy documents, but there is a record of all applications for individual life insurance processed since January 1, 1996. (nb: There is a fee for each search and many searches are not successful; a random example of searches found only one match in every four attempts.) For more information, go to MIB’s shopper Protection page.