How Do You Know If You Are a Beneficiary of an Unclaimed Life Insurance?


Quick Answer

People who are possible beneficiaries of unclaimed life insurance policies should search through personal papers of the decedent and contact life insurance companies the decedent may have dealt with, reports Bankrate. Older unclaimed life insurance policies are found by searching state unclaimed property offices, according to Nolo.

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Full Answer

Possible beneficiaries of lost life insurance policies should first look through the decedent's personal records such as bills, bank records, tax returns, correspondence and check books for evidence of premium payments or interest dividends, reports Nolo. Past employers and unions in which the decedent had membership may have information about policies. Insurance companies contacted directly only give answers to listed beneficiaries such as family members and relatives, states Consumer Reports.

Once a policy becomes inactive and remains unclaimed, insurance companies have two to seven years to turn the funds over to the state, reports The New York Times. Although beneficiaries can claim the funds at any time as long as the money remains unclaimed, the states use it for other purposes. Because lost life insurance policies are state-regulated, no official central source provides information. State unclaimed property offices don't charge fees to search data bases, so those seeking lost insurance policies should be wary of scammers who charge large fees to conduct searches, warns Consumer Reports.

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