how to find unclaimed life insurance benefits

^{How to locate unclaimed life insurance policies}

• Look for policy documents. First, look through the person’s insurance policy documents and see if you can find anything about a life insurance policy.
• Contact financial advisors and past employers. It’s possible that the person had group life insurance through a past employer. ...
• Review tax returns. Another place to look for evidence of a life insurance policy is on the deceased’s income tax returns from recent years.
• Ask the state insurance department. Some state insurance departments will help you find a lost life insurance policy. Currently, 29 states offer this as a free service.
• Use the MIB database. If the deceased ever applied for a life insurance policy, it will be recorded in the MIB database. ...

Who can tell me about unclaimed life insurance policies?

If you have any questions or concerns regarding an unclaimed policy, contact us by using the form below or call us at:1-800-LIFE-LONG (543-3566) * required field * First Name

What do you need to know about unclaimed life insurance policies?

Unclaimed life insurance policies are a rare, and preventable, problem Life insurers keep track of their policyholders. No life insurer can stay in business for very long if it develops a reputation for ignoring or not paying legitimate claims. Beneficiaries have ways to track down unclaimed policies. ... Unclaimed life insurance policies are turned over to state government. ...

How many life insurance policies go unclaimed?

One-in-four life insurance policies go unpaid on death of the insured, because family members aren’t aware a policy exists, or don’t know which company issued it. As a result, life insurers are holding billions of dollars in unpaid benefits.

How to find unknown life insurance policies?

• Update your beneficiary information. ...
• Alert your beneficiaries of the policy. ...
• Make sure a current copy of your policy is with your will or estate paperwork in a safe place where your family or beneficiaries will know to look for it ...
• Consider asking your insurance company for an annual policy statement if one isn’t provided.

Does unclaimed life insurance expire?

Although your unclaimed life insurance policy will not expire, your life insurance company will not be able to hold your death benefit indefinitely. Suppose no one comes to claim a life insurance policy after a certain number of years.

What happens to unclaimed life insurance policies?

Unclaimed life insurance policy proceeds are turned over to the state in which the insured is last known to have resided (often with interest) after a certain number of years have passed, following state laws on unclaimed property.

How do you find life insurance policy of a deceased person?

Locate a Life Insurance PolicyLook through the decedent's records, including safety deposit box.Contact previous employer as the individual may be a certificate holder of an employer-provided group life policy.Check bank accounts and canceled checks to see if payment was being made to a life insurance company.More items...

Is there a database to search life insurance policies?

The NAIC Life Policy Locator can assist you as consumers in locating life insurance policies and annuity contracts of a deceased family member or close relationship. For information on how to complete the request form, please see the Frequently Asked Questions.

How can I find out if someone has a life insurance policy without my knowledge?

To find out if someone has taken out an insurance policy on you, go through your personal documents for life insurance coverage or contact your state insurance department. Work with the insurance company to resolve the issue, if you come to know that someone has taken out a life insurance policy on you.

How do you find out if you are a beneficiary on a bank account?

Contact the Bank Present a copy of the death certificate to the bank, and request information on the account. In some cases, bank officers will be able to tell you if you were a beneficiary on the account, but they cannot give out information such as the name of any other beneficiary that might also be on the account.

How can I check my life insurance policy online?

Do an Online SearchNational Association of Insurance Commissioners - Life Insurance Policy Locator.MissingMoney.com.National Association of Unclaimed Property Administrators - Unclaimed.org.

The Life Insurance Company and The Policy Owner Have Lost Track of Each Other

The main mode of contact between you and financial institutions (banks, credit card companies, insurance companies, investment management companies...

The Life Insurance Company Doesn't Know The Insured Has Died

Life insurance companies typically do not know when a policyholder dies until they are informed of his or her death, usually by the policy’s benefi...

The Life Insurance Company Is Unable to Locate The Policy’S Beneficiaries

There might be one or both of two problems in this scenario. The first is that the descriptions of the beneficiaries might be insufficiently precis...

Beneficiaries Don't Know That A Life Insurance Policy Exists Under Which They Are Beneficiaries

It may come as a surprise, but sometimes beneficiaries do not know that they are covered by the insured’s individual or group life insurance policy...

The Original Life Insurance Company No Longer Exists Or Cannot Be Located

The name of the company that sold the original life insurance policy may have changed, possibly making it more difficult for the beneficiary to loc...

How do life insurance companies know when a person dies?

Life insurance companies typically do not know when a policyholder dies until they are informed of his or her death, usually by the policy’s beneficiary. Even if a policy is in a premium-paying stage and the payments stop, the insurance company has no reason to assume that the insured has died.

What are the problems with life insurance?

The first is that the descriptions of the beneficiaries might be insufficiently precise for the life insurance company to locate them. This would be the case, for example, if the beneficiary designation says “my wife” or “my children” without naming them specifically and, ideally, providing a Social Security number and a current address for each one.

What is APL policy?

An APL policy borrows money from the cash value to pay a premium due if the money does not come in by the end of the grace period; thus preventing an unintended lapse of the policy, which would have the disastrous effect of loss of the entire death benefit should the insured die after premiums due were not paid.

Can life insurance be left unclaimed?

Sometimes life insurance benefits are left unclaimed after a policyholder dies. This is an unfortunate problem under any circumstances, but especially now, when many people are struggling financially. What is more, this is an easily preventable outcome. 1.

Can you locate the original life insurance company?

The original life insurance company no longer exists or cannot be located . The name of the company that sold the original life insurance policy may have changed, possibly making it more difficult for the beneficiary to locate the insurer in order to make a claim.

Do beneficiaries know if they are covered by life insurance?

It may come as a surprise, but sometimes beneficiaries do not know that they are covered by the insured’s individual or group life insurance policy. The insured may have a variety of reasons for keeping this information secret from the beneficiaries, but an unfortunate consequence is that the benefits could end up unclaimed because no one actually realized that they could make a claim. I

How to prevent unclaimed life insurance?

Fortunately, it’s easy to prevent unclaimed life insurance policies. If you have a life insurance policy, make sure your beneficiaries know. Keep relevant details in a safe place, like your insurance company’s name and your policy number so it’s easily accessible. Every year, review your policy documents to ensure that your beneficiaries are up ...

Why does my life insurance go unclaimed?

The most common reason why life insurance policies go unclaimed is that the beneficiary listed on the policy isn’t aware they are supposed to receive the money. Some life insurance policyholders name a beneficiary but fail to provide their contact information, which means the insurance company can’t track down the beneficiary.

Why doesn't my life insurance get claimed?

Another reason why life insurance policies don’t get claimed is that the insurance company isn’t made aware the policyholder passed away in the first place. Typically, the beneficiary is responsible for notifying the company of the policyholder’s passing, which initiates the claim process of receiving the death benefit.

What is life insurance?

Life insurance provides valuable financial support to beneficiaries after the policyholder passes away. But you might be surprised to learn that some people aren’t aware they are someone’s life insurance beneficiary. Perhaps a parent or grandparent named you as their beneficiary but never got around to telling you.

How to avoid losing a life insurance policy?

Communicating with family members about their life insurance is the best way to avoid lost policies. Searching for an unclaimed life insurance policy isn’t easy, but it is possible. Following the steps outlined above is the best way to find a lost policy. Make sure you and your family members communicate about your life insurance coverage ...

How many states offer free life insurance?

Currently, 29 states offer this as a free service. Start by using the National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator to find a department official who can help you search for the unclaimed policy.

What to do if your life insurance company changes?

If you find unclaimed life insurance and the company no longer exists, it doesn’t mean you’re too late. Contact the state commissioner’s office where you live and explain the situation.

What is an unclaimed life insurance policy?

Unclaimed Life Insurance Policy Search. It is the responsibility of beneficiaries to notify the life insurance company when a policy owner dies. One-in-four life insurance policies go unpaid on death of the insured, because family members aren’t aware a policy exists, or don’t know which company issued it. As a result, life insurers are holding ...

Is MetLife a publicly traded company?

Many mutual life insurance companies, which were owned by their policyholders – including MetLife, John Hancock, Equitable, Prudential, Mony and others – have converted to publicly traded stock companies; entitling policyholders to receive stock and cash in addition to policy benefits.

Why do life insurance benefits go unclaimed?

In a small percentage of cases, life insurance benefits go unclaimed because family members are unaware that they are listed as beneficiaries in existing policies. Life insurers want everyone to receive ...

Why do life insurance companies have to compare their death master file?

The legislation requires companies to regularly compare their records against the Social Security Administration's Death Master File to quickly connect people to the benefits they are entitled to receive. All life insurers are complying with the law.

What is the NAIC life insurance policy?

NAIC Life Insurance Policy Locator Service . The National Association of Insurance Commissioners (NAIC) has developed a free National Life Insurance Policy Locator Service to help you search for a life insurance policy or annuity contract of a deceased family member.

Do life insurance companies support lost policy finders?

Life insurers also support the implementation in all states of lost policy finder programs. Through these programs, consumers who believe their loved ones may have had a life insurance policy can submit a request to all life insurers doing business in the state to search their records.

Do life insurance companies want to pay unpaid benefits?

Life insurers want everyone to receive the benefits to which they are entitled rather than paying unpaid benefits to state governments. That is why the American Council of Life Insurers has advocated since 2012 for state legislatures to adopt a national standard on the issue.

What is an unclaimed life insurance policy?

Most people buy life insurance to protect their loved ones and leave them financially secure in case they die unexpectedly. When you buy a policy, your insurance company will ask you to name a beneficiary or beneficiaries who will receive a lump sum cash payout after you pass away.

How to start a life insurance policy search

Time, big moves, and lost paperwork can all leave you in the dark when it comes to finding old life insurance policies, especially if it’s not yours.

Using the NAIC policy locator

In 2016, The National Association of Insurance Commissioners (NAIC) launched a free tool to help customers locate life insurance policies of deceased relatives. To submit a request with their life insurance policy locator, you’ll need to set up a requestor account and fill out an online form with the following information:

Why do life insurance policies go unclaimed?

Because it is the job of beneficiaries to notify the life insurance company of a policy owner’s death, more than one-quarter of all life insurance policy benefits go unclaimed, because family members simply aren’t aware a policy exists or don’t know how to find it. A recent government audit found most life insurance companies make little effort ...

How much can you get if your life insurance company no longer exists?

Even if your insurance company no longer exists, payments of up to $300,000 are possible from state insurance guaranty associations. If you have reason to believe a life insurance policy exists but have not received payment, go to Missing Life Insurance Policy Search. AIG Life Insurance Company. One Alico Plaza.

Can you find heirs after divorce?

Even so, missing heirs can be difficult to find, due to name changes after marriage or divorce, an unreported change of address or expired postal forwarding order after a move, and incomplete or illegible records. Even if your insurance company no longer exists, payments of up to $300,000 are possible from state insurance guaranty associations.

Why do life insurance benefits go unclaimed?

Life insurance proceeds can go unclaimed for a few reasons. Sometimes beneficiaries don’t know they're named on the policy, or that one even exists. They may have moved from the address listed on the contract, so the insurer can't locate them.

How long does it take to find a lost insurance policy?

NAIC and NAUPA can help you find a lost policy, but they can take three to six months to do so. It's often easier to find it through old-fashioned detective work. You have a few options here.

What is the name of the service that asks for information about a deceased person?

You can turn to the National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator Service if you’re unsure if a loved one had one. This online service asks that you to enter data about the deceased, such as their name, last known address, dates of birth and death, and Social Security number.

How much did life insurance companies dole out in 2021?

Julius Mansa. Updated July 01, 2021. A 2016 CBS 60 Minutes report revealed that audits of the largest U.S. life insurers led 25 carriers to dole out over $7.5 billion in unpaid benefits.

How long does it take to get a copy of a death certificate from the NAIC?

The NAIC’s locator service doesn’t provide instant results. It can take up to three months before they find a policy for your loved one, then it may ask you to send a copy of the death certificate before you can move forward with a claim.

How long does it take to get a copy of my lost property in California?

Processing times vary by state. It can take up to 180 days in California.

Can a beneficiary file a claim after death?

A beneficiary should file a claim after a death, but an estate lawyer, trustee, or family member might file the claim instead. Funeral homes may do so when the proceeds will pay for burial expenses. But only beneficiaries can collect the benefits even if someone else files the claim.

How to reach out to a company when you leave?

Most companies try to reach out by sending mail regarding your account when you leave the company. If you moved when you changed jobs, you might have missed those notifications. If the company did not hear from you for an extended period, it might have transferred your funds to a separate, unmanaged account.

Do you have to take your 401(k) when you leave your job?

However, most people leave employers several times throughout their careers. In leaving one job and taking on another, some employees forget to take their 401(k) or other retirement accounts with them. If there’s a chance you have unclaimed retirement benefits but aren’t sure how to access them, here’s how to find your unclaimed retirement benefits.