Losing a loved one is challenging, and managing their financial affairs can add to the burden. Amidst the grief and emotional turmoil, you also need to learn if your deceased parent or spouse had a life insurance policy. Uncovering a life insurance policy can provide valuable financial support, settling debts and funeral expenses in this difficult time. While the process can be daunting, a skilled estate planning attorney can help you get started.
Why Can Life Insurance Policies Go Unclaimed?
A life insurance policy can sometimes go unclaimed, if the insurance company isn’t aware that the policyholder has passed away or can’t find the beneficiaries. This can make the process of claiming insurance more challenging. However, you just need to know where to start looking for the policy.
Where Should I Start Looking?
According to USA Today, the first place to look is through your loved one’s personal files and documents. Some common places where you might find life insurance policy documentation include safe deposit boxes at banks or bank statements that include premium payments. At home, search filing cabinets, desk drawers and incoming or outgoing mail that may include correspondence from the insurance company or a life insurance agent.
Who Can Help in Locating Policy?
If you can’t find the policy documentation, consider reaching out to professionals who may have helped your parents or spouse with their financial or legal matters. These professionals might include financial advisors, estate planners and lawyers. You can also check with insurance companies where your parents had other policies, such as homeowners or auto insurance.
Can State Officials Assist in Finding a Life Insurance Policy?
The National Association of Insurance Commissioners (NAIC) offers an online life insurance policy locator service. By submitting a request, you can have participating insurance companies search their records for policies in your parent or spouse’s name. You’ll need to provide some basic information, such as the deceased’s full name, Social Security number, date of birth, date of death and your relationship to them.
Am I a Beneficiary?
Once you locate a policy, the next step is to determine if you’re the beneficiary. You’ll need to contact the life insurance company directly. If you are listed as a beneficiary, the insurer will likely ask for proof of your identity, such as your driver’s license or Social Security number.
Do I Need to File a Claim?
When you’re ready to file a claim, you’ll need to provide the insurance company with specific information, including the insured’s full name (including their maiden name, if applicable), the insured’s Social Security number, the insured’s death certificate and proof of your identity and relationship to the policyholder.
Some companies allow you to file claims online, while others may require contacting them directly.
Understanding Life Insurance Policies
There are two main types of life insurance policies: term life insurance and permanent life insurance. Term life insurance provides coverage for a set period. The beneficiaries receive the death benefit if the policyholder dies within this term. Permanent life insurance offers lifelong coverage if the premiums are paid. This includes whole life insurance, variable life insurance and universal life insurance.
Uncover Your Family Life Insurance Policy
Uncovering a life insurance policy for a deceased parent or spouse can provide financial relief during a difficult time. If you need help navigating this process, the death of a loved one, or want to ensure that your own affairs are in order, consider reaching out to our law firm. Request a consultation today for guidance on life insurance plans, probate proceedings, estate administration and more.
Key Takeaways
- Professional Assistance: Financial advisors, estate planners and lawyers can help locate policy documentation.
- State Resources: Utilize the National Association of Insurance Commissioners’ online locator service to find potential policies.
- Private Services: Consider private search services to aid in the policy search for a fee.
- Filing a Claim: Gather necessary documents, such as the death certificate and proof of identity, to file a claim with the insurance company.
- Understanding Policy Types: Know the differences between term life and permanent life insurance policies to understand coverage and benefits.
Reference: USAToday (Sep. 21, 2023) “How To Find Life Insurance Policies of a Deceased Parent”
