Missing life insurance policy?
Answer:
Missing life insurance policies are hassles for consumers who don't know the proper precautions that should be taken. Keep in mind that there are things that you can do in order to find that life insurance policy. Here are some tips:
- Make sure that you have looked absolutely everywhere before further steps
- Call the relative's bank in order to have the records of the previous checks. By looking at the previous checks, you will be able to determine the company of the life insurance policy belonging to your relative.
- Go through the old credit card statements if you think your relative might have paid the insurance premiums using his/her credit card.
- In order to receive details of your relative's past estate, look through the probate court records which might come in handy.
- Ask your relative's lawyer whether he/she knows about your relative's past finances.
- Ask your relative's accountant whether he/she knows about your relative's past finances.
- Contact your relative's banker and find out whether he/she knows about your relative's past finances.
- Be sure to contact any family members, friends or close colleagues about whether or not they know anything about his insurance company.
- If your relative had group life insurance, it might be a good idea to contact any previous employers.
- It is a great idea to contact your relative's home or auto insurance agents and ask them about whether or not they sold him/her a policy.
- A great way to check for your relative's life insurance records is by checking the Medical Information Bureau. However, keep in mind that they might not have the information if there are no records present of insurers requesting the medical information of your relative. They will only have this information if your relative purchased the life insurance recently. Keep in mind that this report will cost you $8.50 but will pay off if you find the missing life insurance policy.
If you knew the life insurance company, you'd just call them and ask for a new copy of the policy.
If you can check bank statements to see what insurance company she made payments to, you could call the company and give them her personal data and they can search to give you the policy number and details fo the policy. Go throught her personal papers to look for things such as notices or letters from companies. Good luck.
If you are looking for some sort of central repository of all life insurance policies and their owners, I'm afraid you are out of luck.
There is no one central database either privately or from the government. You are going to have to find it out on your own.
It will not be easy to find out, but it is doable.
You have to follow the paper trail. Somehow the premiums were paid for..either by checks or credit cards. Carefully scrutinize all those records to see if there are any company names.
But start with any other insurers the deceased dealt with. Who was her auto or homeowner's insurer? Most auto/HO insurers also sell life insurance and many policyholders bundle, so there is a decent chance the life insurance may have been carried by her auto/HO insurer.
This is yet another example of why it is so important that if you have life insurance...please, please, please make sure somebody who is important to you knows about it and where to find the details.
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