Easy Steps to Locating Lost Life Insurance Policy

Life insurance is not a subject anyone enjoys discussing, but it’s necessary. It’s something every family must discuss prior to the unthinkable occurring, and it’s something many people wonder about when a loved one passes. Unfortunately, too many people forgo this very important conversation with their loved ones. This leaves many families wondering about life insurance when a loved one passes, and it leaves other families unaware a life insurance policy even exists. If you believe someone you love has a lost life insurance policy, it’s time for you to learn how you can track it down and file a claim.

Approximately 1 to 2 percent of people have no idea they are a beneficiary of an unclaimed life insurance policy. They have no idea someone they love left them a dime, and many times they have no idea someone they know left them something in their will or their policy. Tracking down something you’re not even sure exists is nearly impossible, but there are a few things you can do if you want to see if it’s possible you have an unclaimed life insurance policy waiting with your name as beneficiary.

Call Insurance Companies

It’s not exactly the easiest task to take on. It’s not easy to figure out where to find something that’s lost or potentially doesn’t even exist, but doing the homework is something people do take on. The best thing you can do is call an insurance company and ask them if you are a beneficiary. You might not get many answers, but they will talk to you if your name does appear in any of their information. The problem with this is there are so many insurance companies all over the country that narrowing them down might become a slight problem. If they won’t talk to you about anything regarding the person you’re calling about, it’s safe to assume your name is not listed on their policy as a beneficiary.

Look Through Important Paperwork

If a loved one passed, you must look through their important documentation to find out if there is anything there regarding insurance. It’s not always fun or easy to go through the paperwork of someone you loved who is no longer with you, but it’s required. There are many important pieces of information hidden among someone’s paperwork, and it’s time you go through everything to see. If you see nothing regarding a life insurance policy, it’s not uncommon. Many people take advantage of paperless billing, which could indicate you have to call the insurance company to ask.

Check Multiple States and Agencies

Just because your loved one passed where you live doesn’t mean your policy is also located in that state. Say your grandmother moved to California 10 years ago. You might assume her policy is in the state, but she could have purchased it where she lived in North Carolina prior to her move a decade ago. You cannot assume all her financial holdings are in-state. Another way you might track down someone’s life insurance policy is through calling their attorney, their accountant, or even their financial planner. These people might not have the insurance policy information, but they know if one exists.

Death occurs all the time, even when people don’t expect it to occur. There is no reason to believe you have the time to wait to discuss your life insurance with your family. If you make the decision not to discuss it with them, at least put the information in your will or leave it in a file at your home where they can find it easily and figure it out without adding more stress to their lives. Your life is more valuable to your loved one than anything else, but leaving them to wonder if there is an insurance policy with their name on it somewhere is a terrible thing to do. You can find missing insurance money, but sometimes the pain of thinking about the loss of a loved one time and time again as you go through records and make countless phone calls is just added pain.

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