How to find life insurance policies of a deceased parent? Coping with a parent’s passing is hard, and finding the life insurance policies they have may help meet some obligations.
This article will guide you through simple steps on how to find life insurance policies for a deceased parent. We’ll also discuss what to do if you can’t find anything easily.
Knowing how to find these policies can make a tough time a bit easier by ensuring you get the support your parent planned for you. So, let’s dive in!
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What is a life insurance policy?
Table of Contents
A life insurance policy is a financial contract between a person and an insurance company. Upon the insured person’s death, the insurance company pays the beneficiaries of the policy a lump sum payment known as the death benefit in exchange for the insured person’s regular premium payments.
The purpose of this benefit is to provide the loved ones of the insured with financial security by paying for things like living expenses, debts, and burial fees.
There are several varieties of life insurance, including whole life and term life, and each has features and advantages catered to a distinct set of requirements and preferences. So how do you find the insurance policy of a deceased parent? Keep reading.
How to find life insurance policies of a deceased parent
Finding life insurance policies of a deceased parent involves a step-by-step process to uncover relevant documents and information:
1. Search Personal Documents
Start by examining the deceased’s personal documents, correspondence, and financial records for any document of life insurance policies. Check bank safe deposit boxes, paper and digital files, and other storage spaces.
2. Check Financial Records
Review the deceased bank statements for checks or automatic drafts for payments made to life insurance companies. Additionally, check the deceased’s mail and email for premium or dividend notices.
The deceased tax returns from the past two years can also give insights into interest income or expenses paid to life insurance companies.
3. Policy Applications
Check the application for each life insurance policy you can find. These documents are usually attached to the policy and often list any other life insurance policies owned at the time of application.
4. Consult Professionals
Ask for help from the deceased’s banker, attorney, and financial adviser. They can provide information about existing life insurance policies.
What if you can’t find it after trying these steps? Here are other alternatives.
Other ways to find the life insurance policy of a deceased parent
5. Use NAIC Life Insurance Policy Locator Service
If the initial efforts yield no results, consider submitting a request to the NAIC Life Insurance Policy Locator Service. This is a free online tool that helps reach participating insurance companies to locate policies.
You’ll need information from the death certificate for this process.
6. Contact the Unclaimed Property Office
Oftentimes, if the life insurance company can’t find the deceased beneficiary, the death benefit is turned over to the state as unclaimed property. Search the state’s unclaimed property database for any unclaimed benefits.
7. Address Special Challenges
Special circumstances like changes in the insurance company’s name, or bankruptcy, can complicate the search. In such a situation, seek guidance from the NAIC, state guaranty associations, or the Canadian Ombudservice for Life and Health Insurance.
8. Consider Fee-Based Services
If challenges persist, you can explore fee-based services like MIB or private companies. These services can help in finding evidence of life insurance applications, though they do not guarantee information about purchased policies.
READ MORE: What Is Adhesion In Insurance
How to claim life insurance benefits of a deceased parent
After finding the life insurance policy of your deceased parent, you can now proceed to claim it. Here’s how:
1. Get the Death Certificate
You should get an official death certificate because it is an essential document for life insurance claims processing. To obtain certified copies, get in touch with the state’s vital records office where the death took place.
2. Identify the Insurance Policies
Compile details about the life insurance plans owned by the deceased. This contains contact information, the name of the insurance provider, and policy numbers.
3. Speak with the Insurance Provider
To begin the claims procedure, get in contact with each insurance provider. The insurance provider will walk you through each step.
4. Fill out Claim Forms
Generally, insurance companies ask beneficiaries to complete claim forms. Fill out these fields accurately, making sure to include all relevant data.
Include all necessary paperwork, including the death certificate and any other forms the insurer may have requested.
5. Document Submission
Send the insurance company the completed claim forms together with any supporting documentation via mail, the Internet, or the approved submission method.
6. Await Processing
The insurance company will examine the documentation following the claim submission. Please be patient as this process may take some time. Check the claim’s status regularly and follow up if required.
7. Receive Benefits
Following approval of the claim, the insurance provider will pay the named beneficiaries’ life insurance benefits.
This payment might assist in paying for final costs, unpaid bills, and other financial obligations.
However, if the claims process becomes complex, consider seeking guidance from professionals like lawyers or financial advisers.
Final Thoughts
In conclusion, it takes time and careful research to locate a deceased parent’s life insurance policy. It is vital to start with the deceased personal documents, seek aid from pertinent services, and contemplate possible obstacles.
It can be helpful to make use of services like state Unclaimed Property Offices and the NAIC Life Insurance Policy Locator Service. Many options, including fee-based services, are available to help locate misplaced life insurance policies and make sure beneficiaries receive the specified payout.
