Did a Life Insurance Policy Exist?
It’s not uncommon for a person to die, leaving no trace of owning a life insurance policy but to have relatives who are convinced that a life insurance policy existed. If you’re wondering how you can find out if your loved one owned a policy or not, there are some steps you can take but only after you have exhausted all other possible avenues, including asking other relatives, checking safety deposit boxes and the deceased’s will.
The first thing you will need to do is get in touch with the person who handled the deceased’s finances. If your relative was making payments for insurance premiums, it’s likely that an accountant or even financial planner will know about it. Another route to take is to determine whether or not they had a policy through their employer.
If you suspect that you are the beneficiary of the possible life insurance policy, you can also get in touch with the insurance company that provided your loved one with the rest of their insurance. Chances are, if they owned a life insurance policy they will have taken out the policy with the same people that insured their car and house.
If your loved one died over a year ago but you have yet to claim the benefits, the insurance company with which they had the policy may have decided to give it to the state which would then list it in their bank of unclaimed properties. Getting in touch with the state department that handles such things may tell you whether or not there was a policy and how you can access the benefit.
Lastly, another route you can take, but that which could take a great deal of time, is to go through bank records to see if there were regular payments made to an insurance provider. You may need proof that you are the executor of the will or permission from the executor if it’s not you, to be able to access these records.
By following these tips, you may be able to determine whether or not your loved one had a life insurance policy and whether or not you are in fact the beneficiary. Don’t forget, when a person dies the insurance company’s only way of knowing this information is if you notify them of the death and present them with a death certificate.