If someone close to you bought life insurance to make sure loved ones were taken care of, that person’s heirs may be due money from the insurer. Now the heirs just have to find that policy.
If you've already searched the most common places — home office, locked safe or filing cabinet, safe deposit box — try these places.
The deceased’s employer
Many people purchase life insurance through the companies they work for as part of a benefits package. Contact the deceased’s current or previous employers to see if they purchased or were granted insurance through the company.
Accountants and financial advisors
Current or past accountants or financial advisors whom the deceased worked with may know about any life insurance policies. Check address books or document letterhead for the names and addresses of these types of professionals.
Many people talk casually, or perhaps seriously, with their friends about their financial and legal arrangements. If you can’t find the insurance policy through any of the above methods, you might consider talking to someone who was a close friend of the person who died to see if he or she knows anything about the deceased’s life insurance.
There are many online companies and services that will help you locate lost insurance policies, in addition to any other lost assets you may be entitled to. These companies usually take a percentage of the amount of assets they find on your behalf, which is why you should always try and find the lost policy yourself before bringing in a hired gun.
Things to Consider
- If you hire an online service to locate a policy, they may take a percentage, but at least something is better than nothing.
- If you have a life insurance policy, tell your family about it! Seriously, don’t assume they know it exists.
- After exhausting all of these options, you may have to entertain the possibility that there is no policy.
This article is provided by Everplans — a life and legacy planning company dedicated to transforming the way people get their families organized. For more information, visit: everplans.com