Thursday, April 11, 2019

How to Retrieve Life Insurance Money

Unclaimed Life Insurance Money Information

Many people die without informing their family members of the life insurance policies they have taken out. It is not always easy to find life insurance policies that were not claimed, but regardless, unclaimed life insurance policies are worth searching for. Statistics have shown that over 600 people die without claiming their life insurance policies with an average of $2000. Life insurance companies try as much as possible to locate people; various laws make this process difficult and these forces insurers into using social security numbers for tracking.

The first thing about searching for life insurance that has not been claimed is to be sure you are eligible for it. Before searching, a person must ensure that they are the beneficiary of the policy. By law, insurance companies can only share information with eligible beneficiaries. In some cases, the insurance company may refuse to communicate or share data, which means the person, will be unable to claim any benefits.

Make sure you look for the right paperwork while searching for your unclaimed life insurance. If a family member died in the recent past, this is the easiest route to find paperwork. The personal files of the deceased should also be examined. Bank statements will indicate if any premiums have been paid to an insurance company.

The next thing to do when searching for unclaimed life insurance is to search for an insurance company. When there is an existing policy, the insurance company should be contacted as soon as possible. The company will be able to assist the person in locating the policy. If the company is unreachable, the next step is contacting the insurance department of that specific state.

Looking in the correct state is needed when searching for unclaimed life insurance money. Make sure you know the state which the life insurance was purchased from. A family member that died in a state might have purchased life insurance from a state where they formerly lived so it is necessary to know the state so as to claim the right life insurance money. Another reason is that there is a possibility the life insurance company went out of business or was acquired. You can get needed information by visiting the state insurance commissioner in such a situation.

Checking with previous employers can also help in claiming life insurance money. Previous employers are an excellent source of information because many people buy their policies through the companies they work for. While most of these policies are "term policies," meaning they are only valid for the length of the employment period, people do sometimes keep them going after moving on. This is why contacting previous employers is so helpful.
Finding financial connections can go a long way I claiming life insurance money. If the deceased family member worked for an insurer, an accountant or a financial planner, those entities can help with policy information, even if they did not issue the policy or have any direct connection to it.

You can then use missing policy locators to locate your local insurance office claim life insurance money. All you need to do is to submit a request for records search will soon reveal if a person is a legitimate beneficiary.

There are unclaimed property files that you can check to find your unclaimed life insurance money. When money is unclaimed, it will eventually end up in a state's unclaimed property office. The person who is searching should check this office in the state where the policy was issued. An insurance rating agency may also be of help in finding a policy.

A large database that contains life insurance application data is the Medical Information Bureau (MIB) and it is a good tool for searching for unclaimed life insurance money. This service is not free; therefore, it should not be your first option when you are looking for unclaimed life insurance money.
Anyone who takes out a life insurance policy should clearly indicate who the beneficiaries are in their will or by some other legal method. The insurance company should have as much information as possible about the beneficiaries, especially the names, addresses and social security numbers of those people. The more data that is provided, the easier it is for the insurance companies to contact people. It also makes it easier for people to search later on, if necessary.