Question : How can my friend find out if her late father has a life insurance policy?
My friend's father died recently. Twenty years ago, her father took out a small life insurance policy to pay for his funeral expenses. The beneficiary is my friend's stepmother. The stepmother doesn't even recall a life insurance policy. She wonders if he had cashed it out. How can my friend find out if a life insurance policy still exists? Those unclaimed fund sites don't usually include life insurance policies, and the life insurance company may not know that a death has occurred.
- asked by Mary Anne
All Answers:
Answer #1
You are right about the unclaimed sites - the bestyou could do is to go through his papers andcanceled checks to find payments or policyinformation - maybe check a safety deposit box orold shoe box in the closet - no telling what heused as a file cabinet.
- answered by justwondering
Answer #2
There is no central database for information onlife policies going back this far, i.e. the MIB(Medical Information Bureau) only keeps records onlife insurance applications going back 11 years. However, I do have a few suggestions 1) check hisfinancial records--cancelled checks, bankstatements, the attic, the basement for old boxesof records, etc. 2) check at the bank and see ifhe had a safe deposit box 3) check at work and seeif he had a policy there 4) check with his auto &home insurance agent and see if he had the policythrough that agent or if that agent recommendedsomeone to him 5) check with the family attorneyhe might have told him/her while preparing hiswill 6) check with the accountant he might havetold him while asking questions about the taximplications of a policy or maybe the accountantreferred him to an agent and 7) if nothing elseyou would have to call up the companies tocheck--be forewarned though this is a lot of work. First get a list of the licensed life insurancecarriers in your state from the InsuranceCommissioner and then try to call the most wellknown first. Make sure you have his socialsecurity number, date of birth and full name onhand prior to making these calls and realize thatin the entire U.S. there are over 1800 lifeinsurance companies--of course there might be farfewer in your state but it will still be likelooking for the proverbial needle in a haystack. Sorry.I hope this helps your friend.
- answered by Margarita D
Answer #3
Well, you're right - unclaimed fund sites don'tinclude life insurance policies, and lifeinsurance companies don't get notified of deathsuntil someone FILES A CLAIM.Your friend will haveto be named executor of the estate, to get accessto the banking records and personal papers. Or,the stepmother can look through to see whichinsurance company was paid.Those funeral policies- if he paid it for 10 years, and it was $5,000payout, cash value MIGHT have been $200. Manypeople let these lapse, because it's cheaper tojust put money in the bank to pay for it. Thereis no central database. So there's no way to"look it up" besides his old records.
- answered by mbrcatz17
Answer #4
It would be so much easier it they had the name ofthe insurance company to call. Was it from hisjob? It sounds like they will have to look thu hisstuff, in the bank box if he had one, check withthe car insurance company, some times they alsooffer life insurance. The wife/mother will orshould know this. Good luck
- answered by mchlw43
Answer #5
There are a few companies that specialize in thiskind of insurance. Your State Insurance commissioncan provide you with a list and then just get onthe phone.You must have an insurable interest inthe deceased to receive this information. GoodLuck
- answered by Harold S
Answer #6
About 20 yrs ago? Most folks I know used the sameagent to insure their car, home, and lifeinsurance...trusting only one agent at a timeunder the Old Fashion way. You might be able tobacktrack and contact the old agent as they have atendency of holding on to old paperwork. Whoknows, it could still be the same agent thatstep-mom has now.
- answered by njunprincess
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