Savvy Senior: How you can observe down an unclaimed life insurance coverage coverage | Qa

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QUESTION: When my dad died, we thought he had a life insurance coverage coverage, however we don’t know the right way to observe it down. Any options?

ANSWER: Misplaced or forgotten life insurance coverage insurance policies are quite common in the US. In response to a research by Shopper Reviews, 1 out of each 600 folks is the beneficiary of an unclaimed life insurance coverage coverage with a mean good thing about $2,000. It could possibly be like discovering out you’ve gotten a secret financial savings account.

Sadly, there isn’t a nationwide database for monitoring down these insurance policies, however there are a variety of methods and some new assets that may assist your search. Listed below are a number of to get you began.

Search his data: Examine your dad’s monetary data or areas the place he stored his vital papers for a coverage, data of premium funds, or payments from an insurer. Additionally contact his employer or former employer advantages administrator, insurance coverage brokers, monetary planner, accountant, lawyer or different adviser and ask in the event that they learn about a life insurance coverage coverage. Additionally test safe-deposit packing containers, monitor the mail for premium invoices or whole-life dividend notices, and assessment outdated income-tax returns, on the lookout for curiosity earnings from, and curiosity bills paid, to life insurance coverage corporations.

Get assist: The Nationwide Affiliation of Insurance coverage Commissioners gives a coverage locator service (see and click on on “Shopper” then on “Life Insurance coverage Coverage Locator”) that allows you to run a nationwide seek for insurance coverage insurance policies or annuities within the names of people that have died. There are additionally six state insurance coverage departments (Illinois, Louisiana, Michigan, New York, North Carolina and Oregon) which have free coverage locator service packages that may show you how to search. To search out direct entry to those state assets, go to the American Council of Life Insurers web site at — click on on “Lacking Coverage Ideas.”

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