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Sunday December 11, 2016

Savvy Living

Savvy Senior

Locating Lost Life Insurance Policies

When my mom passed away we thought she had a life insurance policy, but we have no idea how to track it down. Do you know of any resources that might help?

Lost or forgotten life insurance policies are very common in the U.S. It's estimated that more than $7 billion in benefits from unclaimed life insurance policies are waiting to be claimed by their rightful beneficiaries.

Unfortunately, there isn't a national database for tracking down these policies, but there are a number of strategies and a few new resources that can help your search. Here are several to get you started.

Search her records: Check your mom's financial records or storage areas where she kept her important papers for a policy, records of premium payments or bills from an insurer. Also contact her employer or former employer benefits administrator, insurance agents, financial planner, accountant, attorney or other adviser and ask if they know about a life insurance policy. You might also check safe-deposit boxes, monitor the mail for premium invoices or whole-life dividend notices, and review old income-tax returns, looking for interest income from, and interest expenses paid to, life insurance companies.

Contact the insurer: If you suspect that a particular insurer underwrote the policy, contact that carrier's claim office and ask. The more information you have, like your mom's date of birth and death, Social Security number and address, the easier it will be to track down. Contact information of some big insurers include: Prudential 800-778-2255; MetLife Metlife.com/policyfinder; AIG 800-888-2452; Nationwide 800-848-6331; John Hancock JohnHancock.com - click on "Contact Us" then on "Account Search Request."

Get state help: Nineteen state insurance departments have a policy locator service program that can help you locate lost life insurance, and many other states offer resources that can help you with your search. To find direct access to these resources visit the American Council of Life Insurers website at ACLI.com/consumers - click on "Missing Policy Tips."

Search unclaimed property: If your mom died more than a few years ago, benefits may have already been turned over to the unclaimed property office of the state where the policy was purchased. Go to MissingMoney.com, a website of the National Association of Unclaimed Property Administrators, to search records from 40 states, Puerto Rico and the District of Columbia. The pull-down menu under Links connects you to a map and addresses for unclaimed property agencies. To find links to each state's unclaimed-property division use Unclaimed.org.

If your mom's name or a potential benefactor's name produces a hit, you'll need to prove your claim. Required documentation, which can vary by state, is detailed in claim forms—a death certificate might be necessary. If you need a copy of your mom's death certificate, contact the vital records office in the state where she died or go to VitalChek.com.

Search fee-based services: There are several businesses that offer policy locator services for a fee. The MIB Group, for example, which is a data-sharing service for life and health insurance companies, offers a policy locator service at PolicyLocator.com for $75. But it only tracks applications for individual policies made since 1996.

You can also get assistance at Policy Inspector (PolicyInspector.com) for $99, and L-LIFE (LostLifeIns.com) for $108.50, who will do the searching for you.

Savvy Living is written by Jim Miller, a regular contributor to the NBC Today Show and author of "The Savvy Living” book. Any links in this article are offered as a service and there is no endorsement of any product. These articles are offered as a helpful and informative service to our friends and may not always reflect this organization’s official position on some topics. Jim invites you to send your senior questions to: Savvy Living, P.O. Box 5443, Norman, OK 73070.

Published December 9, 2016

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