Your Long Lost Life Insurance Policy
What happens when one of your relatives suddenly passes away, leaving you without any information regarding their life insurance policy? Is it possible to find the policy? And can you still collect the benefit from the policy months or years later? In most cases, the answer is yes, it is possible to dig up the policy and still claim the benefit. As long as the deceased passed away while still under their term life insurance coverage or did not let their permanent life insurance policy lapse, you should be able to receive the death benefit. If your relative’s insurance policy lapsed because of their death, you can still collect the policy’s benefit. Most insurance companies do not have a time limit regarding when someone must step forward to collect on a policy, so don’t worry if it takes a couple months or even years to get the necessary information. Here are some tips for finding a relative’s lost insurance policy and making sure your beneficiaries don’t have trouble finding your policy someday.
Finding a Lost Life Insurance Policy
- Your first step in finding a lost life insurance policy is to talk to those who may have had knowledge about your relative’s finances. Accountants, insurance agents, and lawyers are a good place to start.
- If you can find them, take a look at the deceased’s income tax returns for the last two years. Here you can find out if they paid expenses to a life insurance provider or earned interest from a policy.
- Contact the insured’s bank and ask for copies of checks made within the last couple years. Eventually you should come across a check to their life insurance provider.
- If you think your relative may have had a group life insurance plan, contact some of their recent employers.
Making Sure Your Beneficiaries get Your Death Benefit
- While it might not be the most comfortable conversation to have, talk to your beneficiaries about your life insurance policy and give them the necessarily information for receiving the benefit.
- Try to keep all of your important financial records organized and in one place so your beneficiaries aren’t forced to turn your house upside down one day.