Locate the Life Insurance Policy
Unfortunately, it’s common for individuals to pass away with a life insurance policy their loved ones knew nothing about. And sometimes, the policyholder will forget the life insurance exists if they paid it off long before passing away.
When that life insurance money goes unclaimed, it feels like a complete waste of the policy and the money spent on it.
So, how do you find out if your loved one had a life insurance policy? Continue reading to discover a few ways you might begin your search.
Search Personal Belongings
With each life insurance policy, there is a paper trail that follows. So, an obvious first step would be to check the paperwork within their home or business. Look for anything that might clue you in on a potential policy. It may not be the actual policy in itself, but it can also include
- Insurance agent business cards, lawyers, or accountants
- Bank statements that may show payments to insurance companies
Perform an Online Search
There are several websites with locator tools to find unclaimed assets, for example, death benefits.
If you aren’t in the right headspace or don’t have the time to search for a policy, there are companies that you can hire who will look for you. Those representatives will contact tons of insurance companies on your behalf to locate a lost policy. There may be scams involving this type of service, so employ caution.
Contact the Company Directly
Another straightforward approach to finding a loved one’s life insurance policy is by going directly to the source. This approach may be best if you have an idea of what companies your loved one may have worked with. However, it may be more tedious if there are too many companies and you have no idea where to begin.
How Do I Find Out If I’m the Beneficiary?
It is possible to be a beneficiary on a life insurance policy and not know it. If you wanted to discover if you were entitled to the death benefit, you also could follow the advice detailed above.
If you found this article helpful, please read another one of our articles defining life settlements.
Life Insurance Questions?
We hope that this information on how to find out if your loved one had life insurance is useful to you.
If you’d like to learn how we can help you plan your retirement, call Empower Brokerage at (888) 539-1633 to speak to one of our Life and Annuity experts or leave a comment down below.
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