How To Find Life Insurance Policies After Death
| Just image this scenario that you have a relative who has just died and you know that he has a life insurance policy which names you as the beneficiary but there is a problem. You cannot find the insurance policy and you do not have a clue which insurance company sold the policy to your relative. This might sound frightening but till happens more often that we want to believe.
Many people find life insurance policies after death of a relative but it is always in the future. They are plagued with just one question -- are they are entitled to receive the death benefit?
If a relative dies and you find his or her life insurance policies within 6 months to 12 months after the death, the chances of you claiming the death benefit are higher and the process should be rather trouble free. Many insurance companies claim that even if a beneficiary turns up after 30 years, the company will still make good on it.
Getting the claim is okay but how to find life insurance policies after death is a big question. Here are some tips on finding life insurance policies after death:
- Go through all canceled checks and if necessary contact the relative’s bank to get copies of all old checks. Look for checks that were made out to insurance companies.
- If there are people who had knowledge about your relative’s finances, it is best to contact them. This could be your relative’s lawyer, banker or accountant.
- Do not forget to contact your relative’s last employer. There might be possibility that he or she was covered under group life insurance or he or she might have ended up purchasing a supplemental life insurance at work.
- Check all mail for a year. Usually policy status and premium bills are sent to the insured on an annual basis.
- Do not forget to look through the income tax returns of your relative for the last two years. Look for interest income or payments made out to life insurance companies.
- If your relative bought the insurance recently it is quite possible to get information from the Medical Information Bureau (MIB). Many insurance companies request for medical information from the MIB as it maintains a database starting from 1996. To search their records, MIB will charge you $75.
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