Discussing matters related to the end of life can be a delicate conversation to have, even with loved ones. Because of this, individuals can often be unclear about what a family’s end-of-life wishes are or their financial plans.
Life insurance is one of the greatest financial tools a family can have in place, but it can also be especially scary to be unaware in the event of a loved one’s death.
If you find yourself unsure whether someone had a life insurance policy upon their death, we’ve broken down everything you need to know on how.
Check with the Deceased’s Bank or Credit Union
If you’re wondering how to find a life insurance policy after a person’s death, try starting with their bank. When someone is deceased, the financial institution will likely share relevant information with a person’s authorized users.
If you have access to the deceased’s bank accounts, look for transactions involving a life insurance company. Upon gaining access, you can pinpoint any reoccurring premium amounts and reach out to the related insurance company for information on that policy. With the right information, they can help you find any life insurance policies on file and save a lot of headaches in the end!
Sort Through Their Paperwork
One of the more tedious but thorough research options for locating a life insurance policy is to sift through the person’s paperwork. Ideally, all important documents would be located in one safe spot, but that is not always the case.
If you have access, you may need to sort through all paperwork in a person’s office or home or even sift through computer documents to find life insurance information you need to file a claim.
Contact Their Last Employer
Employers often sponsor their employees when it comes to life insurance policies. If the deceased were an established employee of a specific company, it might be worthwhile to check out and see what the benefits look like for that company, including any outstanding life insurance policies.
From there, the company may be able to help you locate more information, including policy details and insurance companies.
Talk to Friends and Family
If you’re unsure about whether someone had a life insurance policy, it doesn’t mean all hope is lost. Check with siblings, parents, friends, and other acquittances for any information they might have on a life insurance policy for the deceased.
While this can be a difficult conversation to have upon someone’s death, knowing is better than remaining in the dark. This is especially true in the case of covering end-of-life costs and outstanding debts for the deceased.
The National (or State) Insurance Commissioner
Before giving up all hope on locating a life insurance policy, be sure to check in with the National Association of Insurance Commissioner or your local Insurance Commissioner’s office on any information they have regarding your loved one’s information.
If purchased in the open marketplace, the insurance office may have a file of the initial inquisition and subsequent information on where a potential contract was opened.
The Bottom Line
How to find a life insurance policy after death can be an exhausting search. There are, however, many tools out there to help you find the information you need. Beginning with the easiest method, such as checking paperwork or asking loved ones, can spare you the headache of reaching out to companies and state officials down the line.
