You may be owed unclaimed life insurance – here’s how to find out


Here’s how to find out if you’re entitled to unclaimed life insurance benefits due to a lost policy. (iStock)

Every year millions of dollars in life insurance benefits go unclaimed.

This happens when an insured person dies and their beneficiaries do not receive the benefits to which they are entitled, according to the Insurance Information Institute (III). Here are the most common reasons why life insurance benefits go unclaimed:

  • The insurer does not have the exact and up-to-date contact details of the policyholder.
  • The insurer does not know that the insured is deceased.
  • The insurer is unable to locate the beneficiaries of the policy.
  • Beneficiaries do not know the police exist.
  • The original life insurance company no longer exists.

Fortunately, there are ways to determine if you are entitled to unclaimed benefits from a missing policy. Read on to find out more and visit Credible to compare life insurance policies so your beneficiaries are financially ready in the event of unexpected death.

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3 ways to locate a lost life insurance policy

There are several ways to determine if you are owed life insurance money after the death of a parent. Additionally, you can learn more about life insurance and determine which type of policy is right for you in Credible’s online financial marketplace.

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1. Search for insurance policy documents

If you have a power of attorney – or if you are the executor of the deceased’s estate – you may be able to check their financial records, mail, bank statements, safe, address book, and other personal files for documents. police and other materials.

Also, ask your family members and browse your records to check the relevant policy documents related to a life insurance payment that you may have forgotten.

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2. Contact relevant contacts

When you aren’t sure if your loved one had an unclaimed life insurance policy, you might be able to track down someone who does.

See if the deceased has worked with financial professionals such as a financial advisor, accountant or insurance agent. You can also find more information about existing life insurance policies by contacting their former employers, unions and other professional associations.

Of course, some parties may be reluctant to disclose confidential personal information. If so, you may be able to get more information by proving your identity.

If you are unable to obtain precise financial information, you may be able to ask which life insurance company the deceased person was covered by. This way you can contact the company directly to see if your loved one had a policy.

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3. Use a life insurance policy locator

Finding a policy using the above steps may seem like a tedious task, but it doesn’t have to be. The National Association of Insurance Commissioners (NAIC) offers a free life insurance policy locator service to help you determine if you are entitled to death benefits after the death of a loved one.

Between November 2016 and July 2020, the NAIC Life Policy Locator tool led to 81,349 matches with claim amounts of over $ 1 billion. Recipients owed an average of over $ 12,600 in unpaid benefits.

First, you will need to create an account on the NAIC website. The application form will require the following information about the deceased person:

  • Social Security number
  • Legal name and surname
  • Date of birth and death

There is no limit to the number of free searches you can submit.

Once the request is complete, the NAIC will send your request to participating life insurance companies to review their records to determine if they have a policy in the name of the deceased. If there is a match, the insurance company will respond directly to you.

If there isn’t a match, maybe now is a good time to consider your own life insurance needs. You can browse the policy offerings and coverage options of life insurers for free on Credible.

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Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question could be answered by Credible in our Money Expert column.


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