How To Track Old Insurance Policies – If a deceased friend or relative had a policy or you are suspecting they had one but you do not have the necessary documents required and you do not know the name of the insurance company that issued it, we are here to show how to track old insurance policies.
If you on the other hand have also misplaced your own insurance policies, it is your right, to track down the policy information and get what’s rightfully yours.
In the case of a relative or a friend, here are some options you can take:
How To Track Old Insurance Policies
Check the bank account
Check your own, or the other person’s bank account / credit card statements to get proof of payment to an insurer.
Check with Unclaimed Assets programs
Or, contact the Unclaimed Assets Register online or via phone. This is because once the insurance company knows that a customer is deceased, but can’t locate the beneficiaries, the funds will eventually be turned over to the state’s unclaimed property program.
Search out the name of the company
If it is a personal life insurance policy, and you have the policy document but cannot contact the insurer, it might be that the company that issued your policy has changed its name.
Another option available is via the Policy Detective website where you are to enter the name of the company as it appears on your policy document. If the company has had a name change, Policy Detective will tell you the name the company is currently operating under.
Check with the MIB Group
The MIB Group is known to maintain a database of life insurance application information which dates back as far as 1996. Insurance companies, make use of the database to exchange information among themselves as regards customers.
Thus, if your relative applied for individual life insurance after 1995, then MIB will probably have a record. Note this is not to ascertain whether your relative bought the policy, because the MIB may not be privy to that information. But MIB is only to guide you to know where your relative applied, which can be a significant lead.
Contact the bank
Contact the bank, and inquire from them whether your relative kept a safe deposit box at the bank, and then check it for a policy. To do this, you must be a the estate executor. You can also find out from the bank if your relative purchased life insurance via them.
Try Insurance Agents
Financial advisors are, often licensed life insurance agents, and as such may have sold a policy to your relative or have a knowledge of an existing policy.
Check with the employer
Check with your relative’s employer, by asking the benefits department if your relative had group life insurance via the workplace. Be it as it may, group life benefits generally end on the last day of work, thus it’s unlikely you will find existing life insurance policies via past employers.
Keep an eye out for mails
Check for life insurance bills or statements in the deceased person’s mail.
Carry out a paperwork search
Search for evidence of payment to a life insurance company in checkbook registers, canceled checks, and credit card statements. If your relative had a permanent life insurance policy, check his/her tax returns.
Instead of seeing the process of tracking an old policy as stressful, it’s best you consider the benefits that you stand to gain if you succeed in tracking one. It’s never too late to check, start something, you never can tell what will come out of it.