Lost Life Insurance Policies

It is a more common problem than you think, but still one that you don't want to deal with; a lost life insurance policy. It can happen and it will be the last thing on your mind, a loved one passes away but you do not have the details on the life insurance policy. If the proper steps aren't taken to find a lost life insurance policy it could stay lost forever, meaning the premiums that you have spent years paying for a building would be for nothing and the death benefit would go unused. This is why it is important to be open and discuss the details of the life insurance policy with your loved ones, especially the beneficiary of the policy.

Here are some tips on finding a lost life insurance policy.

Check For Premium Payment Evidence

If a loved one passes away and you can’t quickly locate the details of their policy, start your search by hunting for evidence of premium payments. If possible, look at their cancelled checks or credit card statements. Your loved one has probably made premium payments to the insurance company for their life insurance policy and the company name is likely on the check or credit card statement.

Contact The Employer

It is common to have a life insurance policy through an employer, so checking with current and previous employers and see if they were a part of a group policy. Another good person to contact is any current or prior financial advisors. They are the people most likely to have information about the policy and will be the most likely to be able help you with any questions you may have.

Search Through Documents

Start by doing  a thorough search where your loved one may have kept important documents such as file cabinets or their office when looking for their life insurance policy. If you can’t locate it within their files or office, check any safety deposit boxes or other storage areas in their home. Checking address books or email contacts may lead you to the names and contact information of insurance agents or financial advisors.

But the best possible way to avoid any complications is to be open with your family and loved ones. Make sure they know all the details of your life insurance policy so they can take care of their financial needs in the event of your passing.

Brett Royster