A wonderful thing happens with life insurance policies each and every day. People who have paid premiums on them for years pass away, their beneficiaries make insurance claims, money is dispersed, and mortgages and other bills are paid off, college educations are funded, and surviving loved ones are provided for.
Then there is a terrible thing that also happens each and every day. People who have paid premiums on their life insurance for years pass away and their beneficiaries donít know about or canít find policy documents. As a consequence NO money is dispersed, NO mortgages or other bills get paid off, NO college educations are funded, surviving loved ones, not provided for, are left to fend for themselves, and BILLIONS of dollars remain unpaid.
Would you know how to go about finding a missing life insurance policy? You may not think too much about this but for many people this is a huge dilemma.They lose a loved one and may know they carried an insurance policy but they can't find it ... or they have no idea about it.
Ten ways to uncover life insurance policies:
1. Look through the deceased's personal documents for canceled checks to insurance companies.
2. Look through old bills for an insurance company name or policy number.
3. Talk with family and friends who may have shared an agent.
4. Check with an accountant, financial planner, or stockbroker that may have been used.
5. Check with any social, fraternal, or professional organizations or unions that he or she may have belonged to.
6. Sometimes people have all of their insurance with one agent. Look for the name of the insurance agent who may have handled the car, personal property, or health insurance.
7. If the deceased was ill, check hospital records for the name of the health insurance company. Health plans often have a death benefit rider attached.
8. Go to the probate court and get a copy of the deceased's estate inventory. This is public information and may lead you to a list of the person's assets.
9. If the deceased was employed at the time of death, check with the employer for any group insurance that may have been provided or if retired, check with the ex-employer, as group coverage may have been converted into individual coverage at retirement.
10. If the deceased died while traveling, check with the travel agent, airline, and Credit Card Company.
These ten things can help you find a missing life insurance policy and taking the time to investigate these items may yield a benefit Ö and sometimes a very substantial benefit Ö for you and your family.
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