QUESTION: When my father passed away, we thought he had a life insurance policy, but we don’t know how to find it. No suggestion?
ANSWER: Lost or forgotten life insurance policies are very common in the United States. According to a Consumer Reports study, 1 in 600 people are the beneficiary of an unclaimed life insurance policy with an average benefit of $ 2,000. It could be like finding out that you have a secret savings account.
Unfortunately, there is no national database to track these policies, but there are a number of strategies and some new resources that can help you with your research. Here are several to get you started.
Search in his recordings: Check your father’s financial records or areas where he kept important policy papers, premium payment records, or insurer bills. Also contact her employer or former benefits administrator, insurance agents, financial planner, accountant, lawyer or other advisor and ask if they know of a life insurance policy. Also check safes, watch mail for premium invoices or lifetime dividend notices, and review old tax returns, looking for interest income and interest charges paid to insurance companies. -life.
Acquire help: The National Association of Insurance Commissioners offers a policy locator service (see NAIC.org and click on “Consumer” then “Life Insurance Policy Reader”) which allows you to perform a national policy search. insurance or annuities on behalf of those who have died. There are also six state insurance departments (Illinois, Louisiana, Michigan, New York, North Carolina, and Oregon) that offer free policy locator services programs that can help you search. To find direct access to these state resources, visit the American Council of Life Insurers website at ACLI.com – click on “Missing Policy Tips”.