How to Find Life Insurance Policies of Deceased Parents? this is quite an interesting question that most people ask. Well, it is not a denying fact, that when it comes to financial protection for your family, life insurance is one of the best choices you can make.
It helps in family financial struggles after your death. But over time, most families live in financial struggles not having an idea about the deceased life insurance policy.
CHECK OUT: What is a Health Insurance Claim?
How to Find Life Insurance Policies of Deceased Parent
if you would love to find out if your deceased parent is having a life insurance policy, all you have to do is this. You can use the insurance policy locator from the National Association of Insurance Commissioners to find life insurance and annuity contracts of the Deceased family members and close relatives.
The National Association of Insurance Commissioners offers a free life policy locator tool to help you find out if someone had life insurance. To use this tool, you will need to provide the following information about the deceased person:
- First is the SSN Code of the individual.
- Legal first and last name which is recognized by law.
- The person’s date of birth.
- Lastly, the date of death or death date.
When these are provided, you will have to fill out a Mib form on its site via mail. Then, you will have to contact the deceased employer, lawyer, account or financial advisor to get valuable information, through all provided documents that will be given to you.
When that is done and you have confirmed that he or she has a life insurance policy with the insurance company you will then file a claim.
Who Can Request Information about Life Insurance Policy?
Insurance Companies are of obligation to protect the policy of an insured person who is having a life insurance policy coverage even after the person’s death.
Notwithstanding, when a person who has life insurance coverage dies, the Nest of kin or policy beneficiaries can request information about a policy. However, they may need to provide proof of the insurance policy when the insurance provider asks.
What Happens to the Death Benefits if no one Claims the Money?
Insurance companies are a financial industry that is not just out to make a profit, but to look out for the welfare of individuals under its coverage.
insurance companies turn over unclaimed death benefits to the state’s unclaimed property office. Hence, this is the duty of the State Treasurer.
Can you be a Beneficiary of a Life insurance Policy and Not Know it?
YES. There is every opposability that you can be a beneficiary of a life insurance policy and you would not know about it, for reasons best to the policyholder.
However, it is important, that you know how to find out if someone has life insurance if you will be responsible for settling their estate or paying any of their final expenses.
What do I need to make Life Insurance Claim?
When you find out that you are a beneficiary, all you need is a copy of the insurance policy or other proof that you have named a beneficiary, you should be able to go to the insurance company and make your claim.
Hence, you will likely need, to provide you name, contact information and social security number as well as a death certificate and information for the deceased person.
Are Life insurance Policies Public Records?
Life insurance policies are not public records. This is because they are paid out to a designated beneficiary. Hence, they don’t need to go through probate which make them a matter of public records.
How Long do you have to Claim Unclaimed Life insurance Money?
There is usually no time limit for claiming life insurance benefits. As long as the policy was in effect and payment was current when the insured person died, you can claim it at any time.
What is a Life insurance Policy?
A life insurance policy is a contract between an insurance company and a policyholder, in which the policyholder makes regular payments, in exchange for a payout, known as a death benefit, upon their death.
The payout is disbursed by the insurance provider to the policy holders’ beneficiaries usually family or friends.
What Happens when the Owner of a Life Insurance Policy Dies?
When the policy owner dies, the life insurance company will pay the death benefit to the named beneficiary. The death benefit will be paid to the deceased estate if no beneficiary exists.