How to Find a Missing Life Insurance Policy
The death of a parent is never a fun time. It is a time when you need to go through memories, and clean out the home. This is also a time that you should check up on the deceased’s life insurance policy. Many people have trouble finding the plan documents, even though they are positive that the deceased had coverage. You need to make sure that you find the documents in a timely manner, and that it gets cashed in. The following are some of the ways that you can locate a missing life insurance policy. Do not panic and start to worry. The documentation is around the home somewhere, and you can find it.
They Had Premiums to Pay
When you get a plan, you need to pay a premium. Your parent will have paid that premium monthly. You should search around the home for a record of those payments. A bill or statement will let you know the company that holds the plan, as well as the account number. The deceased probably kept the documents safe, or maybe even in a safety deposit box. Find the monthly statement and you will find all the information you are looking for. Hopefully it is right there in front of your nose. This will be a good way to also check up and see if the bills have been paid on the coverage, and that there are no troubles.
The State May Have It
If the beneficiary does not claim the policy within a certain amount of time, the money is transferred over to the state. The provider has to turn over the policy within three to five years once they are alerted of the death and no beneficiary is found. If you have not collected on the plan, and it has been 3 years, check with the state insurance department and see if they have it. The state comptroller will have a database of all the missing policies. This is a very slim chance to find the money, but it is still a chance. You need to make sure that you cash in on a plan shortly after the insured passes on. The longer you wait the more likely it is for the life insurance policy to come up missing.
Check With Former Employers
It is very possible that your parent’s plan was handled by their employer. Many people choose to get covered through a group plan within their place of employment. This is why you need to contact your parent’s former employers and see if they can shed light on this situation. It might turn out that they did not use the company plan, but at least you now know that. It is possible that they did purchase some protection, but it was only a supplemental product. Either way it would be smart of you to check. When a plan goes missing, you need to check everywhere.
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