How to Find Out If There Is a Life Insurance Policy on Someone

Finding a life insurance policy after a loved one’s passing can be a challenging process, often compounded by emotional difficulties. Unclaimed life insurance benefits represent a significant sum, with billions of dollars remaining undistributed because beneficiaries are unaware of a policy’s existence or how to locate it. This guide outlines practical steps to help navigate the search for a life insurance policy, from gathering initial information to formally claiming benefits.

Essential Information to Gather

Initiating a search for a life insurance policy requires specific details about the deceased. Collecting this information beforehand can streamline the process. Key data points include the full legal name, any former names like a maiden name, and the exact date of birth and date of death. The last known address is also valuable, as it can help narrow down potential insurers or state records.

The Social Security Number (SSN) of the deceased is particularly important for official searches. Life insurance companies use the SSN for identity verification and to access databases like the Medical Information Bureau (MIB) or prescription drug records.

Initial Search Locations

Begin the search by examining the deceased’s personal records and belongings, as these often contain direct evidence of a life insurance policy. Look through home offices, filing cabinets, and safe deposit boxes for physical documents like policy certificates, premium payment receipts, or annual statements. Bank statements can reveal recurring premium payments, providing clues about the insurer. Reviewing past income tax returns might also uncover entries related to life insurance, such as cash value interest or payments made to insurance companies.

Beyond physical documents, digital records can offer valuable insights. Check the deceased’s email accounts, computer files, and online financial portals for any correspondence or statements from insurance providers. Also contact individuals associated with the deceased, such as family attorneys, financial planners, or accountants, who may know about existing policies or document storage. Reaching out to current and former employers, unions, or credit unions is important, as group life insurance policies are often provided through these organizations.

Formal Search Services

When initial searches do not yield results, more formal services can assist in locating a life insurance policy. The Medical Information Bureau (MIB) offers a Policy Locator Service that can help identify if a deceased individual applied for life insurance with one of its member companies. To use this service, an authorized individual, such as a surviving spouse, next of kin, or legal representative, must submit an application form along with a certified copy of the death certificate. A search typically costs around $75 and responses are generally returned within ten business days, though it primarily identifies applications, not necessarily active policies.

Another avenue involves state unclaimed property offices, where unclaimed life insurance proceeds are eventually turned over if beneficiaries cannot be found. These funds typically escheat to the state after a period, often ranging from three to five years. The National Association of Insurance Commissioners (NAIC) provides a free online Life Insurance Policy Locator tool that allows consumers to submit a search request for policies and annuity contracts. This tool requires the deceased’s Social Security Number, full legal name, date of birth, and date of death, and participating insurers will directly contact potential beneficiaries if a match is found, usually within 90 days. Additionally, websites like MissingMoney.com and Unclaimed.org can be used to search for unclaimed property across various states.

Claiming a Life Insurance Policy

Once a life insurance policy is located, the next step involves initiating the claim process with the insurance company. The beneficiary should contact the insurer directly, often through a dedicated claims department or their official website, to obtain the necessary claim forms. Having the policy number readily available, if known, expedites the process.

To submit a claim, several key documents are typically required. A certified copy of the death certificate is necessary to verify the policyholder’s passing. Other common documents include the original policy certificate, proof of the claimant’s identity, and any beneficiary designation forms. Additional documentation, such as medical records or police reports, may be requested.

After submitting all required paperwork, straightforward claims are generally processed within two weeks to two months. Complexities like missing information or a policy’s contestability period can extend the processing time.

Upon approval, beneficiaries typically have several options for receiving the death benefit. The most common is a lump sum payment, where the entire policy amount is disbursed in one payment. Alternatively, some insurers offer annuity options, providing a steady stream of income over a set period or for the beneficiary’s lifetime. Retained asset accounts are another option, where the insurer holds the funds in an interest-bearing account, allowing the beneficiary to withdraw funds as needed.