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 it? And can you still collect the benefit months or years later? In most cases, the answer is yes, it is possible to dig up the contract and still claim the payout. As long as the deceased passed away while still under their term coverage or did not let their permanent policy lapse, you should be able to receive the death benefit. If your relative’s plan lapsed because of their death, you can still collect the death benefit. Most 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 plan and making sure your beneficiaries don’t have trouble finding your paperwork someday.

  • Your first step in finding a lost life insurance plan is to talk to those who may have had knowledge about your relative’s finances. Accountants, 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 provider or earned interest.
  • 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 provider.
  • If you think your relative may have had a group life 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 agreement and give them the necessarily information for receiving the payout.
  • 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.

Additional Resources