Lost life insurance is a huge problem!!

Hello All,

Lost life insurance is a big deal and a huge problem!! There are millions, and maybe billions, of dollars out there that should be going to families of those who have passed away but instead, the money is sitting there…waiting. That’s all good for the insurance industry, but what about these families? Sadly, many of them aren’t even aware that they have money coming to them. Life insurance policyholders quite often forget to mention the existence of their policies to the beneficiary(s). They might have every intention of doing so, it just never happens. It’s a talk that most people avoid because of the morbid nature of the subject. What they don’t realize is how important it is.

So how does one go about finding a lost insurance policy? Well, the first thing you want to do is look through the person’s financial paperwork. Hopefully they have kept a record of it. You’ll also want to check the checkbook and financial statements as they may have evidence of payments made for the policy. You’ll also want to check tax returns for any interest income they may have reported. The next thing you will want to do is check former employers/check stubs. They may have had a payroll deduction that would be evident. If that doesn’t work, check with whoever holds the other insurance policies, such as auto insurance and homeowners insurance. People tend to stick with the same company for all policies when possible. You can always contact all the insurance companies in the state and ask. This could be a time consuming approach though.  You also want to check with the state as, when the insurance company is aware of the death, they may turn it over to the state’s unclaimed property division. Sadly, though, unless you have evidence of the policy or can find the company that actually holds the policy, you may never see it.

Now, the question for the living is, how do I keep this from being such a problem for my loved ones? First thing you could do is talk to them and give them the necessary information. That is sometimes easier said than done. Plus there is no guarantee that they will remember 30 years down the road anyway. The next best thing would be to register your information with a company like FindYourPolicy.com. You can store your insurance policies with them and your relatives will then be able to conduct a search and be able to find it/them.  It’s free to register your policies and there is only a minimal fee for the search, part of which goes towards cancer research. Whatever you do, be sure that your family is taken care of. It will give you peace of mind now and will help give them peace of mind later.

Until next time,

Michael Hartmann http://www.findyourpolicy.com/
Tweeter: @FindurPolicy

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