Unclaimed Bank Deposit Boxes

Five Ways To Track Down A Lost Life Insurance Policy.

NEW YORK
 Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
, March 27, 2013 /PRNewswire-USNewswire/ — If a family
member dies and you don’t know whether he or she purchased an
individual life insurance policy, or secured one through a current or
previous employer, there are in fact ways to track the information down,

according to

prep.
1. As stated or indicated by; on the authority of:

2. In keeping with:

3.
 the Insurance Information Institute.

“Life insurance benefits are sometimes left unclaimed after a
policyholder dies,” said Dr. Steven Weisbart, senior vice president
and
chief economist

 at the I.I.I. “This outcome would be easily
preventable, of course, if all policyholders simply told their loved
ones about the existence of policies naming them as beneficiaries;
however, there are solutions if they overlook this simple
step.”

Unclaimed Life Insurance Benefits, written by Dr. Weisbart, offers a
primer on the common reasons a life insurance company and the rightful
beneficiaries of a life insurance policy may occasionally lose track of
one another, or why a beneficiary may not even know he or she is listed
on a policy.

Here are five steps that can help you turn up useful information
about a life insurance policy:

1. Look for insurance-related documents. Search through files, bank
safe deposit boxes, and other storage places to see if there are any
insurance-related documents. Also, check address books in case any
insurance agents or companies are listed. An agent or company
representative who sold the deceased their auto or home insurance may
also know about the existence of a life insurance policy.

2. Contact previous employers. Former employers may have a record of
past a group policy.

3. Check bank books and canceled checks. See if any checks or
automated payments have been made out to life insurance companies over
the years.

4. Check with the state’s unclaimed property office. If a life
insurance company knows that an insured client has died but cannot find
the beneficiary, it must turn the death benefit over as “unclaimed
property” to the state in which the policy was bought. If you know
where the policy was purchased, you can contact the state
comptroller’s department to see if it has any unclaimed money from
life insurance policies belonging to the deceased. A good place to start
is the National Association of Unclaimed Property Administration.

5. Try the
MIB

 database. There is a database of all individual life
insurance applications that have been processed during the last 12
years. It costs $75 per search. For more information, go to MIB’s
Consumer Protection page.

RELATED LINKS

* Issues Update: Life Insurance

* Facts and Statistics: Life Insurance

* Video: Finding a Lost Life Insurance Policy

* Article: How Can I Locate a Lost Life Insurance Policy?

The I.I.I. has a full library of educational videos on its You
Tube Channel . Information about I.I.I. mobile apps can be found here
.

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SOURCE Insurance Information Institute