On the demise of a loved one, it is a cause of concern for most of us how to find out if the departed soul has life insurance or not. Sometimes, people find the answers to this question easily in other instances they don’t. So in this article, we will try to find out the ways which would be handy to check if someone has a life insurance policy that can be claimed for the betterment of his family.
What is an unclaimed insurance policy?
If the family members/beneficiaries of the departed soul do not claim the life insurance policy due to being unaware, this is called an unclaimed life insurance policy. It can happen to the best of us, so no need to panic if this happens to you. There are several ways that can be used to find out the life insurance policy of the one who died.
Reasons for an unclaimed life insurance policy:
– The beneficiaries lack knowledge about any such life insurance policy’s existence
– The beneficiaries do not know, they are real beneficiaries of that policy
– The beneficiaries are unable to locate the insurer
– The insurers are unable to find the beneficiaries
– The insurer stopped operating
– The insurer and insuree lost communication
– The insurance company lacks information about the demise of a policyholder
In the United States, the unclaimed life insurance benefits reached $1 billion in 2013, proven by the reports Consumer Reports. These reports also showed the odds of you being a beneficiary is one in 600 – still better than a chance of winning a lottery.
You can find out the existence of a life insurance policy by:
On the death of your loved ones, there are several questions that come to your mind. For example, you want to know how to pay for a funeral and other expenses including insurance premiums for your better half.
So, let’s dig deep to know about the ways of finding a life insurance policy.
1. Talking to family, friends, or any close connection
It is difficult to talk about some matters with your immediate family members. Topics like death or dying are not commonly discussed with immediate family members or your loved ones. So, it is recommended to talk to the extended family members, friends, or social connections of the deceased about the presence of any life insurance policy of the departed soul. Sometimes they are the ones who have the knowledge because it was discussed with them by the person who died.
2. Search for personal leftovers/belongings
There is a chance of finding clues about the life insurance policy in the deceased personal belongings. He or she might have kept cheques, bank statements, business cards of insurers, address books or planners, etc. These documents can lead you to the potential life insurance of the person who died.
3. Check old mail or bills
Insurance companies keep on sending premium updates or notices via mail or post. So, checking the mail or emails can help you find the insurance policies’ existence.
4. Try to contact employers
You can make an effort by looking up to the past or current employers of the deceased. One can also find a potential lead by the social organizations of the person. Employers usually offer low-cost policies as an employment benefit.
5. Search online
Numerous online websites are available which provide services for finding these types of insurance policies for the person who died. Beneficiaries can use these sites by putting the name of the person in there. These websites include:
– National Association Of Insurance Commissioners