Lost Life Insurance

Are you wondering if there is a lost life insurance policy on a loved one who recently passed away?

The private nature of life insurance and estate planning can make it difficult to determine if someone had a life insurance policy. Of course, the beneficiary of any life policy should be told by the policy owner that such a policy exists and with what company. This doesn’t always happen and that is why the question comes up!

In my years as a life insurance advisor I have often been asked for advice and help in finding out if there was a long lost life insurance policy on a deceased loved one. I have compiled a list of tips that might be useful to you.

How to Find A Life Insurance Policy

• Check the banking records for any evidence of insurance premiums paid. Look back a year or more if possible. Contact any insurer on the banking records.
• Contact their employer and any other known employers to see if there is any group life insurance or if there was any group life insurance that was converted to an individually owned policy
• Check credit cards or other loans. There might have been some creditor life insurance - that coverage would be limited. But better than nothing.
• The home and auto insurance agent (or broker) may have sold him life insurance. Or at least recorded where a policy exists
• Other advisors such as investment reps, accountants or lawyers may have recorded this information.
• Family and Friends – ask around
• The MIB is also a source of information. Visit www.mib.com
• Check their mail for a full year after death – insurers have to send mail at least once per year. This assumes they have the correct address
• Contact all relevant Provincial/State insurance departments

I do hope that helps to find a lost life insurance policy!

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Note: Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. The Canada Insurance Source website is a free information source provided by an insurance broker from the Niagara Region in Ontario. So use this site to gain a general understanding of insurance with your own area and situation in mind. Even residents of Ontario should keep in mind that this insurance information is general in nature and the policy wordings always take precedence. Make sure you review the "please read" page.