Losing an insurance policy can be a very nerve-wracking problem. Not knowing what you paid for, not sure if everything has been set in stone, figuring out if the policy is still active, and other such problems can cloud the process of getting the benefits. As such, it is imperative to find out where the insurance policy went. Here are a few steps you can take to help get things started. Read about contesting a life insurance beneficiary
What it means to have a lost life insurance policy
Losing a life insurance policy is not the same as not paying for the insurance policy itself. Not paying for the insurance policy is essentially equal to cancelling the policy, as the policy would be completely rescinded. Losing the life insurance policy is mainly explained as losing track of the documentation and attempting to find the documentation once again so that your beneficiaries have the information to pursue a claim once you are gone.
Steps to take when attempting to find the Insurance Policy
To start, attempt to pick up any paper trail that may have been left. This is done by attempting to find any type of verified documents. From legal documentation to paper receipts from payments on any type of insurance, they can all help you track down the life insurance policy documentation. The Website NAIC .com will find you any policy, but takes 3 months.
Attempt to reach Financial Advisors and other professionals
Sometimes attempting to contact your financial advisor or other professionals may be needed. This can be the likes of other insurance providers that might have even sold the deceased policies for car or home insurance. This can also extend out to such people as bankers, accountants, or agents/brokers that the deceased may have contacted as well.
This can also include previous employers of the deceased. As many would have it, workplaces keep accurate records of different employees that are hired under their care. As such, they will sometimes have information on a life insurance policy taken under the deceased’s name.
Check bank statements and other life insurance applications
Look through old bank documents and applications that have been sent out from the deceased family member. Old bank statements will usually have information regarding the destination of the payment, and a way to get in contact with said destination as well. Searching through old life insurance applications can also help, as they may have systems that help to record who is already insured, or other such methods of tracking.
Find and hire a Private Search Service
If all else fails, you can attempt to contact a professional search service or company. These companies will do all of the work for you, by contacting insurance companies and helping to track the old premium payments down. They do not usually do this for free, however, so it is generally not the best way to go about it. However, it is one of the most efficient ways to search through the information, as these services have people specifically trained to handle the cases that come to them, that is if you are willing to pay a small sum.
Have the National Association of Insurance Commissioners Find it
If you have a delayed or denied life insurance claim, our life insurance lawyers will get you the full amount of the policy.