As we said, there is no simple web database that allows you to know if you are the beneficiary of a policy, but there are places to look on the Internet. Your first stop should be the National Association of Insurance Commissioners life insurance policy locator. How to find out if there is an after-death life insurance policy If you find evidence of a policy and can identify the insurance company, most of your work is done. Beneficiaries who cannot locate the insurance company listed on a policy should contact their state's insurance department.
If the insurance company went bankrupt, the state insurance commissioner must have records of what happened to the policies. When a life insurance company knows that an insured customer has died but cannot find the beneficiary, the company must deliver the death benefit to the state where the policy was purchased as “unclaimed property.” The National Association of Insurance Commissioners's Life Insurance Policy Locator Service and other similar services allow consumers who believe they are beneficiaries of a life insurance policy to submit a search for life insurance policies by name and ask insurers to review their files. In addition, several private companies can help you search for a lost life insurance policy for a fee. If you think you might be a beneficiary of an unclaimed life insurance policy, there are ways to track it yourself without having to wait for the insurance company.
If you've found insurance documentation, but you can't seem to find the insurance company itself to track down an unclaimed life insurance policy, you can check with the rating services to find it. One of your top priorities will be finding ways to pay for the funeral and other final expenses, including insurance policies. In most cases, the closest family members and policy beneficiaries can request information about a policy, but they may have to submit evidence to the insurance company. It's also a good idea to keep life insurance documentation in a safe place so that family members can access it when they need it.
A professional who works in financial services is likely to know about a life insurance policy and even have a copy of it to prove that you are the beneficiary and provide the details of the policy. If you're covered by life insurance, tell your family members that you have a policy so they don't lose the death benefit if you die. To start the process, simply contact the life insurance company that issued the policy and they'll give you instructions. It's important to know how to find out if someone has life insurance, if you'll be responsible for liquidating their estate or paying any of their final expenses, including the funeral.
While the investigation may require some detective work and time, finding an unclaimed life insurance policy could make the time and expense worthwhile. Representatives will contact hundreds of life insurance companies on your behalf to determine if your loved one had a policy. Most life insurance policies purchased through employers are temporary policies that provide coverage only for the duration of employment, but sometimes a person continues with the policy after leaving the company.