You May Be A Beneficiary Of A Life Insurance Policy And Not Know About It
You learn a lot about someone after they die and you might be surprised to find out how many people are entitled to death benefits and never had an idea. It could be because someone just wanted to give you a gift but never wanted to tell you, or maybe because someone forgot about a smaller policy when they changed their unclaimed life insurance policy. They may forget that you are listed as a beneficiary.
In some cases, someone may have taken out a life insurance policy and not have the person nearly listed as a beneficiary, and chose you. Stories pop up all the time, where people don’t know someone named them as a beneficiary, and suddenly find out that they have money coming to them. There are many reasons a life insurance policy is not claimed.
Steps to Uncovering a Confidential Life Insurance Policy or a Lost Policy
These five steps will help you figure out how to find a life insurance policy and make a claim if you are entitled to the money. Just because someone doesn’t tell you they have a life insurance policy, doesn’t mean there isn’t one. When a life insurance policy has a cash value, in some cases if the premium is not paid the policy may use the value to pay the premium until the value is exhausted. The concept is to keep the policy in place, but this can be a real problem if the insured dies and the value of the policy will run out when there should be a death benefit payment instead.
You should try your best to find a life insurance policy as soon as possible so that any assets or cash value in the policy are not accustomed to paying premiums.
Tips for Finding a Lost Life Insurance Policy
There are many cases where people are unable to find lost insurance documents over time. When you lose someone close to you, it often becomes harder and harder to find documents. These tips will help you figure out how to find a lost life insurance policy, or how to find out if you’re entitled to a death benefit you didn’t know about.
There are many types of life insurance policies or death benefits. Employer programs may offer it as part of health insurance benefits as well. There are cases where the life insurance company is unaware that the policyholder has passed away. This is especially important with value-added life insurance policies, such as indexed universal life insurance policies. Time is of the essence, so let’s get started.
Where to Find Information on Lost Life Insurance Policies
The National Association of Insurance Commissioners offers a free online tool that has served more than 145,000 requests from users with their online Life Insurance Policy search.
How To Search To See If You Are Entitled To Money From An Unclaimed Life Policy
Another method to check is by looking at websites like Lost Money where searches and claims are free. You can also do a free search for unclaimed assets with the National Association of Unclaimed Property Administrators (NAUPA) which mentions that 1 in 10 people have unclaimed property.
Finding Life Insurance Purchased in Canada
If you think that someone may have purchased their life insurance overseas, such as in Canada, check out the Canadian Service for Life and Health Insurance.
Find Unclaimed Life Policy Benefits and Money
An online search provides information on the benefits of unpaid insurance policies, dividends, and investments (which may occur with lifelong policies or universal life policies) or annuities, trust funds, and other property and assets such as bank accounts and more.
