Finding life assurance documents for a deceased parent are often a frightening task – on the one hand, for the instant, there’s no national database of all life assurance policies. However, with touch research, you’ll successfully navigate the written record.
Here are some strategies to simplify your search.
1. look for insurance-related documents
Search files, bank safes, and other storage places to ascertain if there are any insurance-related documents. Also, check the address books for the names of execs or insurance companies – an agent or company that sold the deceased’s auto or home insurance may know that there’s a life assurance policy.
2. Contact the financial advisers
Current or former lawyers, accountants, investment counselors, bankers, commercial insurance agents/brokers, and other financial professionals may have information about the deceased’s life assurance policies.
3. Review life assurance applications
The application for every policy is attached thereto policy. So, if you’ll find one among the deceased’s life assurance policies, inspect the proposal – you will get an inventory of all the opposite life assurance policies held at the time of application.
4. Contact previous employers
Former employers keep records of old group policies.
5. Check bank statements
See if checks or automated payments are made to life assurance companies over the years.
6. Check the mail
For the year following the death of the policyholder, search for premium notices or dividend notices. If a policy has been released, no premium payment notice is going to be issued; however, the corporate can still send an annual policy status notice or a dividend notice.
7. Review tax returns
Examine the deceased’s tax returns for the past two years to ascertain if there are interest income and interest charges paid to life assurance companies. life assurance companies pay interest on permanent policy accumulations and charge interest on policy loans.
8. Contact state insurance services
Twenty-nine state insurance companies offer free search services to residents trying to find lost policies. The National Association of Insurance Commissioners (NAIC) features a “life insurance firm tracking system” to assist you discover state insurance department officials who can help identify companies that may have purchased life assurance on the deceased. To access this service, access the NAIC life assurance policy locator.
9. ask the Unclaimed State Property Office
If a life assurance company knows that an insured client has died but cannot find the beneficiary, it must remit the benefit to the state during which the policy was purchased as “unclaimed property”. If you recognize (or can guess) where the policy was purchased, you’ll contact the state comptroller’s department to ascertain if there’s any unclaimed money from the deceased’s life assurance policies . an honest place to start out is that the National Association of Unclaimed Property Administrators.
10. Contact a personal research service
Several private companies will assist you, for a fee, find a lost life assurance policy. they’re going to contact the insurance companies on your behalf to seek out out if the deceased was insured. This service is usually provided through an internet site.
11. Could the police be from Canada?
If you think that the policy may are underwritten in Canada, try contacting the Canadian Life and insurance Ombudsman Service for information.
12. Search the MIB database
There is no central database of police documents, but there’s a database of all individual life assurance claims processed since January 1, 1996. (nb: there’s a fee for every search and lots of searches fail; a random sample of searches has found just one match every four attempts.) For more information, see MIB’s Consumer Protection page.