Tips to Track Unclaimed Life Insurance Payouts

One of the most important things that people should do is ensure their families remain financially secure after they die. But it’s not enough to buy a policy and assign a beneficiary. For the life insurance policy to actually benefit your loved ones, it’s vital that your beneficiary receives the payout. Unfortunately, many beneficiaries in America remain unaware of their life insurance payouts and fail to claim them. 

If a relative who has passed away recently purchased life insurance and named you as a beneficiary, try these steps to find the policy. You’ll first need to gather the following information about your relative: date of birth, full legal name, former address, and Social Security number. Then, use these tips to increase your chances of finding an unclaimed life insurance policy payout.

Look for insurance paperwork

To find insurance policy paperwork more easily, you may want to search for bank statements or premium payment receipts showing an automatic deduction if the person died recently. Look through your mail or any electronic devices you can access for any signs of insurance-related communication or transactions.

Know the state

You need to know where the decedent purchased the policy. The state in which they passed may be different from the state in which they bought the policy. If the person has lived in multiple states, you should check to see if any of those states have an unclaimed life insurance policy you could benefit from. The state insurance commissioner might also be able to track down what happened to policies if the company that issued them went out of business.

Consider a missing policy locator

Services like the National Association of Insurance Commissioners’ Life Insurance Policy Locator Service allow consumers to conduct life insurance policy searches. People can then request that insurers check their files to discover unknown beneficiaries. These services provide a starting point for individuals who need to retrieve policy information.

Find the insurance company

If you find documentation of a policy and can identify the insurance company, your research is nearly complete. If beneficiaries cannot find the insurance company’s name on a policy, they should call their state insurance department. After you have filed a claim with the insurance company, it will take time for them to review the request. If they approve your claim, they will typically send payment to you promptly.

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