Locating Lost Life Insurance Policies

By Jim Miller

Lost or forgotten life insurance policies are very common in the U.S. It’s estimated that more than $7 billion in benefits from unclaimed life insurance policies are waiting to be claimed by their rightful beneficiaries.

While unfortunately there isn’t a national database for tracking down these policies, there are a number of strategies and a few new resources that can help your search. Here are several to get you started.

Search the records

Check your mom’s or dad’s financial records or storage areas where they kept important papers for a policy, records of premium payments or bills from an insurer. Also contact their employers or former employer benefits administrators, insurance agents, financial planner, accountant, attorney or other advisers and ask if they know about a life insurance policy. Also check safe-deposit boxes, monitor the mail for premium invoices or whole-life dividend notices and review old income tax returns, looking for interest income from, and interest expenses paid, to life insurance companies.

Contact the insurer: If you suspect that a particular insurer underwrote the policy, contact that carrier’s claim office and ask. The more information you have, like your mom’s and dad’s date of birth and death, Social Security number and address, the easier it will be to track down. Contact information of some big insurers include: Prudential 800-778-2255; MetLife Metlife.com/policyfinder; AIG 800-888-2452; Nationwide 800-848-6331; John Hancock JohnHancock.com — click on “Contact Us” then on “Account Search Request.”

Get state help

Nineteen state insurance departments have a policy locator service program that can help you locate lost life insurance, and many other states offer resources that can help you with your search. To find direct access to these resources visit the American Council of Life Insurers website at ACLI.com — click on the “Consumer Info” tab at the top of the page, followed by “Missing Policy Tips.”

Search unclaimed property

If your mom or dad died more than a few years ago, benefits may have already been turned over to the unclaimed property office of the state where the policy was purchased. Go to MissingMoney.com, a website of the National Association of Unclaimed Property Administrators, to search records from 40 states, Puerto Rico and the District of Columbia. The pull-down menu under “Links” connects you to a map and addresses for unclaimed property agencies. Or to find links to each state’s unclaimed property division, use Unclaimed.org.

If your mom’s name or a potential benefactor’s name produces a hit, you’ll need to prove your claim. Required documentation, which can vary by state, is detailed in claim forms, and a death certificate might be necessary. If you need a copy of the death certificate, contact the vital records office in the state where your mom or dad died, or go to VitalChek.com.

Search fee-based services

There are several businesses that offer policy locator services for a fee. The MIB Group, for example, which is a data-sharing service for life and health insurance companies, offers a policy locator service at PolicyLocator.com for $75. But it only tracks applications for individual policies made since 1996.

You can also get assistance at Policy Inspector (PolicyInspector.com) for $99, and L-LIFE (LostLifeIns.com) for $108.50, who will do the searching for you.

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