Lost Insurance Policies

When there is a death in the family, there is always an amount of emotional, and financial turmoil. One of the tasks that surviving family members will have is to submit death claims for any in-force life insurance policy. (By the way, I aid my clients with this process, even preparing the paperwork for them so it all goes through smoothly.)

A good financial planner will help you organize your finances in such a way that your family will be able to find any pertinent financial information after you pass. While purchasing life insurance is a demonstration of your love and fulfillment of the obligation to protect those we care about, sometimes, the vital policy information is lost. There are many reasons why a policy can be lost...

The insured could have purchased the policy and didn't update their records. I know it's hard to believe, but sometimes even good, well-intentioned people don't keep good records.

While this wouldn't affect an in-force policy, the insurance agency that sold the policy could have changed names or closed up shop removing your link and relationship to the insurance carrier.

The insurance carrier could have been bought or sold, changing legal names makes it harder to find the appropriate forms or contact information.

All of these issues are exacerbated when the deceased has moved around a few times during their career and life. They may have multiple insurance policies in multiple states.

Insurance companies have a legal obligation, and typically have a sincere desire to pay out claims to the proper beneficiaries, but if a claim is never made, the insurance company can do nothing to help.

Here are a few first steps offered by the Medical Information Bureau:

(https://www.mib.com/lost_life_insurance.html)

1. Check the decedent's personal papers and address books looking for listings of insurance agents, lawyers, estate planners, and financial advisors.
2. Check safety deposit boxes for an insurance policy or related papers.
3. Check with any current or former employers for group life coverage or other life insurance policies purchased through work. Check with a spouse's current or former employer to determine whether spousal coverage may apply.
4. Check the decedent's bank accounts/canceled checks for premium payments or policy loan interest payments to an insurance company.
5. Review the decedent's income tax returns for any distributions from life insurance companies that have de-mutualized.
6. Check the decedent's mail for at least one year following his or her passing for any premium notices, dividend notices, policy status notices and statements that are mailed generally around policy anniversaries or tax time.
7. Check with any fraternal organizations, associations, professional membership groups, unions, and other such entities to which the decedent belonged that may make life insurance available to their members.
8. Check with the decedent's homeowner's and auto insurance agent to see if they also may have sold life insurance to the decedent.
9. Run a search directly through the Medical Information Bureau to check for insurance applications: https://www.mib.com/request_your_record.html

In addition, there are state agencies and life insurance carriers that will conduct searches for their respective policies or unclaimed property:

www.missingmoney.com

A national database of unclaimed property from state treasurers' offices.

www.unclaimed.org

The National Association of Unclaimed Property Administrators (NAUPA) lists links to many individual state unclaimed property listings.

www.demutualization-claims.com

Missing Life Insurance Unclaimed Property Benefits & Demutualization Payments tracks mutual insurance companies that have demutualized. Mutual life policyholders (and heirs) continue to be entitled to receive whatever policy benefits may be due, but in addition may receive stock, cash, and/or policy credits in exchange for their ownership interest in the old mutual insurance company.

Canada Life/Great-West Life:

https://www.canadalife.com/about-us/consumer-information/unclaimed-property.html

Metlife:

https://www.metlife.com/policyfinder/

New York Life:

https://www.newyorklife.com/claims/unclaimed-funds-finder

John Hancock:

https://www.johnhancock.com/forms/account-search-request.html

Sun Life of Canada:

https://www.sloc.co.uk/slfuk/Customer+services/Find+out+if+we%27re+looking+after+a+policy+for+you?vgnLocale=en_CA

National Association of Insurance Commissioners' Lost Policy Finder

https://eapps.naic.org/life-policy-locator/#/welcome

Alabama:

https://www.aldoi.gov/Consumers/LifePolicySearchService.aspx

Illinois:

https://insurance.illinois.gov/Applications/LifePolicyLocator

Kansas:

https://www.ksinsurance.org/healthlife/life/life-policy-search.php

Louisiana:

https://www.ldi.la.gov/consumers/insurance-type/life-annuities/life-insurance-policy-search

Missouri:

https://insurance.mo.gov/Contribute%20Documents/LifePolicyLocator.pdf

New York:

https://www.dfs.ny.gov/consumers/life_insurance/lost_policy_finder

North Carolina:

https://www.ncdoi.gov/consumers/life-insurance/locate-lost-life-insurance-policy

Ohio:

https://insurance.ohio.gov/wps/portal/gov/odi/about-us/resources/missing-life-policy-search

Oregon:

https://www4.cbs.state.or.us/exs/ins/lift/

Rhode Island: online form by request.

https://www.dbr.ri.gov/divisions/insurance/

Texas:

https://www.tdi.texas.gov/consumer/life-insurance.html#locator

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Justin Dale Young, CFP? |760.250.1222 | [email protected]

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