Life Insurance Policies Of Deceased
There are a variety of ways to locate life insurance policies of deceased relatives. The unfortunate fact is that there is no main office where all unclaimed policies are filed. Beneficiaries who do not come forward upon the death of the policy holder are usually not tracked down by the company. There may be a minimal effort to locate the beneficiary but if information has changed since the creation of the policy the beneficiary may not be found due to a new address or phone number for example. Therefore if you believe you are entitled to life insurance benefits you will need to do some research.
While there are plenty of online companies who offer lost money finding services, you should do some low-tech research first. One way to discover whether or not a relative had a policy is to look through their bank records. If checks were written to cover the cost of premiums the insurance company, and perhaps even the policy account number, should be clearly stated on the check. Going through credit card statements is a good idea also because some people do use credit or debit cards to pay their premiums.
Also, contact previous employers of your deceased relative and check to see if they had group coverage. Probate court records may also reveal whether or not a policy was held and if so, with what company. If your deceased relative had auto insurance or other types of insurance with a particular company, check to see if that company also covered their life insurance needs. You may even want to do some investigating within your family and ask other relatives if they know whether or not the deceased in question had a life insurance policy and if so, with what insurance company.
It is important to understand that if the beneficiary or beneficiaries do not claim the life insurance benefits upon the death of their relative, and cannot be located by the insurer, the money will go to the state. This is done within approximately three years. This does not mean that you cannot collect the money from life insurance policies of deceased relatives due to you after three years, it just means that the funds are no longer held by the insurance company and you need to go through the state to claim your funds.
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