Finding A Lost Life Insurance Policy – What Can You Do?
Do you know how to proceed about finding a lost life insurance policy? You may not think an excessive amount of about this, but also for many people, that is a day to day occurrence. They lose someone you care about and understand they carried a life insurance policy, however they can’t think it is. They do not know who the life insurance company was that wrote the policy.
This happens a whole lot. Actually, over one-fourth of most life insurance death benefits should never be claimed. That’s amazing. The policies were payed for over the years in case of the insured’s loss of life to safeguard their family and today no one provides any idea where in fact the missing life insurance policy is.
Under federal rules, all death benefits that are unclaimed get into a trust until they are ever claimed. Consider that this past year almost $23 billion was placed into the fund, with just $1 billion obtaining claimed.
What is it possible to do in case you find out there is missing life insurance policy?
1. If you have usage of their personal records, proceed through old lender statements or canceled checks to observe if indeed they paid any insurance companies.
2. Did they have an individual lawyer or accountant and also require known about any aged policies?
3. Talk to a past company about any group life insurance policy that may possess existed.
4. Speak to the Medical Info Bureau. They monitor all requested medical records by insurance companies for days gone by 7 years. Therefore, if they required out the policy during this time period period, probably the MIB will find out about it. You can find more info about them online.
5. Consider the mail that is still delivered following the person’s loss of life. If it had been a policy that was still getting paid for, you will see premium notices.
6. Look at tax returns to find if curiosity dividends on any life policy were claimed.
There is no time period limit on claiming the advantages of any missing life insurance policy you are the beneficiary of. It could be 25 years afterwards and the company will still spend you the proceeds.
Finding a lost life insurance policy might not be easy and simple move to make, but with tolerance and just a little detective function, you should be in a position to monitor it down in a brief period of time.
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