When Your Life Insurance Policy Goes MIA
InsureMe offers strategies for finding lost insurance policies
Denver, CO February 19, 2009 -- Most people store their life insurance policy in a safe, yet accessible location: at the bank, at home under lock and key or in a safe deposit box. But what happens when the policyholder tucks documents away in a more obscure location--and neglects to tell anyone where they're hidden?
According to MissingAssets.com, an online site that aids consumers in finding missing and unclaimed property, more than one-fourth of life insurance benefits go unclaimed. This is mostly due to the fact that family members can't locate missing policies--or aren't even aware they exist.
For loved ones who have experienced loss, it takes time and determination to locate life insurance policies gone MIA. InsureMe recommends these strategies to help make the process easier.
1. Look for cancelled checks or receipts made out to, or received from, insurance companies.
2. Ask others who may be "in the know" for information, including family lawyers, friends, financial advisors and business partners.
3. Examine other insurance documents for information. The insured may have purchased more than one type of policy from the same insurance company.
4. Contact previous employers. Human resource departments should have record of policies purchased through jobs.
5. Review income tax records, looking specifically for interest income earned or premiums paid insurers.
6. Watch the mail for premium or dividend notices--or annual policy statements.
7. Contact the state department of insurance in the policyholder's home state for help.
8. Inquire with the state's unclaimed property office.
9. Contact the Medical Information Bureau (MIB), which usually records medical information requested at the time of purchase.
Each year, billions of dollars in life insurance proceeds go unclaimed. But with no time limit imposed on the collection of benefits, families should use these strategies to locate missing policies--and collect the benefits they deserve.
About InsureMe
InsureMe helps people nationwide find affordable insurance by connecting them with their local insurance professionals. For more information about InsureMe, or to shop for free insurance quotes, visit www.InsureMe.com. Agents should check out the insurance agent site. InsureMe is a Bankrate, Inc. company.
