Dealing with Lost Life Insurance Policies

Death is inevitable and it may come knocking without us even knowing. When this happens to a relative or a family member, one of the immediate things to look for is the life insurance. You may be the one listed as the immediate beneficiary. If you find yourself as the beneficiary but you have no idea where the life insurance missing, then you have to move as quickly as possible. It may be a mind-boggling situation and the question is – can you still get hold of the benefits without the life insurance policy in sight?

Claiming the benefits can be an easy task. Firstly, it is necessary to see if the deceased had a permanent type of term type of life insurance. If the deceased has the term-type, then you should receive the benefit as long as he passed away before the term lapses. On the contrary, if he died anytime after the date of expiration, then do not expect to get any fee.

For the beneficiaries of the deceased who was also a permanent life policy holder, there’s a huge chance of you getting the benefits if and only if the all premium have been paid regularly up to the time the insured died.

Remember that when an insurance company stops receiving premium payments, it automatically sends a reminder through a letter notifying the person of the possibility that the insurance may immediately expire unless premiums are paid regularly. If the insured fails to reply to the letter, then the company conducts a research. If all else fails, then the company may decide the end the effectiveness of the life insurance policy.

It is also possible that a certain beneficiary may fail to claim the death penalty for a long period of time. And when this happens, the money is them transferred to the particular state where the insured actually purchased the policy. Such procedure is stipulated under the so-called escheat laws.

The following can provide us necessary tips on dealing with lost life insurance policy:

1. It is necessary to coordinate well with the other relatives. You may also contact the bank and see if you can have copies of the old checks presumably made to insurance company. You may count the numbers of the issued checks and countercheck it with the company

2. Conduct your own research. See if you can get information from the other relatives. Another option is to also get in-touch with the lawyer, bank manager or personal accountant.

3. Your relative’s previous employer can also provide additional information. It is also possible that they can have good information concerning the possibility of having a group policy.

4. You may also get through his past mail. Letters and reminders from the insurance company are sent regularly and you may gather efficient leads or further relevant information.

5. Tax income returns can also show whether premiums are made. This is also a good document to present to the insurance company.

6. Lastly, you may get in-touch with the MIB or the Medical Information Bureau for more information.

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