Life Insurance Policy Owner
How do I find Lost within, Universal Whole, or High Risk Life Insurance?
You remember hearing a friend say airline pilot she bought life insurance high risk to help cover their children's college fund, but is now dead, and nobody knows who the insurer. Or, a widow afflicted swears that despite her husband had a life insurance policy (or was a life insurance policy?), also had a secondary universal policy life insurance, but did not reveal any information in his will. Again and again we hear sad stories of life insurance policies lost.
In many cases, the search for a missing policy could mean the difference between bankruptcy and financial security. Bereaved survivors trapped in a guessing game, because, unfortunately, there is no national database or state that performs a comprehensive follow-up life insurance policies.
FreeAdvice.com and the Insurance Information Institution (III) both recommend the steps to take and places to look.
If you know who signed the dead of health, business or even a child's life insurance, then you have a leg up. Contact this company and ask.
If the insurer does not show major insurance Term life or life insurance policy (be sure to ask about the lesser-known policies such as variable life insurance or no life insurance freight), then contact past and present financial advisors, investment bankers, insurance agents, lawyers, business associates or personal friends known to provide financial advice.
If nothing else works, contact with former employees, credit unions, business groups, or including automobile / road assistance groups.
Go through all files, safes, storage units, attics, basements or secret places that you can remember. Address Books Scour old bank statements and checks or ancient calendars that can offer clues.
If you have access to the deceased former life insurance applications or even a stream, the policy known, that information will help. Any policy should have known the application attached to it? And contain a list of life insurance policies owned at the time of application.
If you still can not find the policy, not surrender. The Missing Policy Service of the American Council of Life Insurance, 1001 Pennsylvania Avenue, NW, Washington, DC 20004-2599 accept a written request to help locate the policy. Include an envelope addressed to firm size. They will distribute your request to about 100 large companies life insurance in an effort to locate the lost policy.
Note, however, as free advice "lost life insurance" columnists say, "without knowing more information, there are several possibilities regarding the status of a policy. … It could have expired, been charged, become a "paid-up policy" or left the state as unclaimed property. … In the first three cases, the policy has no value. If it became in a paid-up policy, it could still have value, but no company name and policy no information, it becomes very difficult to trace. If it were not taken inadvertently by the State under the law of "reversal" (which applies when the insurer can not locate the owner) may be able to locate the appropriate branch government to investigate. The State must repay if the money transferred pursuant to reverse.
Another good approach, free advice from experts say, is to write to several of the largest life insurers directly with the deceased's name, address and date of birth. If you're lucky, they'll have something. If you're semi-lucky, one company may offer additional suggestions detective.
About the Author
Ryan Patterson is president of US Insurance Online based in Austin, TX. He graduated in 2000 from the University of Texas with a combined business and computer science degree, and started the company in May of 2005 with fellow entrepreneur Jim Waltrip. The recently re-launched site is designed to provide insurance shopping help and free insurance quotes. For assistance finding a high risk life insurance plan, visit www.USInsuranceOnline.com
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