How to Collect Life Insurance
Look through your loved one's personal documents., Contact your loved one's advisers., Contact previous employers., Contact other insurers., Use a state government lost policy finder., Contact the state unclaimed property division., Keep an eye on...
Step-by-Step Guide
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Step 1: Look through your loved one's personal documents.
If you believe that you are the beneficiary of a life insurance policy, but you cannot locate the policy and do not know who the insurer is, start by going through the deceased's personal documents, such as bank statements, check book logs, credit card statements, or paycheck stubs.
By looking through these types of documents, you can find entries for insurers.
If you find any records of payment to insurers, contact those insurers to see if the deceased had a life insurance policy with them., Contact the deceased's financial advisers, attorneys, bankers,accountant's and insurance brokers.
Be prepared to furnish a copy of the death certificate so that some of these individuals will be willing to speak with you. , If you have reason to believe that the deceased might have taken out a life insurance policy through his or her employers, reach out to them.Explain your issue, your relationship to the deceased, and when the deceased was employed with them.
Even if the deceased retired or quit, there's a chance that he or she kept up the policy with the same insurer. , Some insurance companies, such as New York Life, Lincoln Financial, and MetLife, have lost policy finders on their websites.Insurers are required by law to make a good faith effort to find the beneficiaries of their life insurance policies.
So even if the insurer does not have a lost policy finder on their website, you will be able to find out if the deceased had a policy with them if you contact them.
Contact the insurance department of your state for a list of insurers doing business in that state.If the insurer has gone out of business, contact the insurance commissioner of your state for further instruction. , The states of Massachusetts, Rhode Island, Alabama, Kansas, Louisiana, Missouri, New York, North Carolina, Ohio, Oklahoma, Oregon, Texas, and Vermont all have lost policy finders available to the public.
If you believe the the deceased took out his or her life insurance policy in one of those states, visit their websites to find out for sure. , Most states have unclaimed property offices, and one of the primary duties of those offices is to hold the proceeds of unclaimed life insurance policies in trust.
Go to the National Association of Unclaimed Property Administrators' website at http://www.missingmoney.com/ to begin your search. , Insurance companies will send warnings if payments have lapsed.
Payments can be made on a variety of methods such as monthly, twice a year or annually, so it is important to continue this process for 1 year if you suspect there is a policy that has been unclaimed. , If you already know who the deceased's insurer is, the process is relatively simple, and with most of the larger insurers, you can begin the process online.
Reach out to an agent of that insurer, and have the following information with you or readily available:
The insured’s full name The insured’s date of birth The insured’s state of residence The insured’s policy number or numbers (if known) The insured’s date and cause of death The name of whoever is reporting the claim and their relationship to the deceased.
Contact information for the person reporting the claim. , An agent or employee of the insurer will contact you after you file the initial claim.
You will need to provide a certified copy of the death certificate and any other document they require, such as a W-9 form, which would notify the IRS of any interest they paid out on the policy.Find a copy of the W-9 Form at: http://www.irs.gov/pub/irs-pdf/fw9.pdf.
The employee or agent will then process your claim. , Most of the time, the benefit on the policy is paid out within a few days to a few weeks.
If there is a delay, it is typically because of an issue with the death certificate (such as not sending a certified copy) Most people elect to receive a lump sum.
This way, you will not be taxed on further interest accruing on the policy.
However, an annuity may be right for you.
Check with a financial adviser to help you decide. -
Step 2: Contact your loved one's advisers.
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Step 3: Contact previous employers.
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Step 4: Contact other insurers.
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Step 5: Use a state government lost policy finder.
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Step 6: Contact the state unclaimed property division.
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Step 7: Keep an eye on the mail.
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Step 8: Contact the insurance agent with the correct information.
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Step 9: Wait for the insurer to contact you.
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Step 10: Wait for the final disposition and choose how you want to receive your money.
Detailed Guide
If you believe that you are the beneficiary of a life insurance policy, but you cannot locate the policy and do not know who the insurer is, start by going through the deceased's personal documents, such as bank statements, check book logs, credit card statements, or paycheck stubs.
By looking through these types of documents, you can find entries for insurers.
If you find any records of payment to insurers, contact those insurers to see if the deceased had a life insurance policy with them., Contact the deceased's financial advisers, attorneys, bankers,accountant's and insurance brokers.
Be prepared to furnish a copy of the death certificate so that some of these individuals will be willing to speak with you. , If you have reason to believe that the deceased might have taken out a life insurance policy through his or her employers, reach out to them.Explain your issue, your relationship to the deceased, and when the deceased was employed with them.
Even if the deceased retired or quit, there's a chance that he or she kept up the policy with the same insurer. , Some insurance companies, such as New York Life, Lincoln Financial, and MetLife, have lost policy finders on their websites.Insurers are required by law to make a good faith effort to find the beneficiaries of their life insurance policies.
So even if the insurer does not have a lost policy finder on their website, you will be able to find out if the deceased had a policy with them if you contact them.
Contact the insurance department of your state for a list of insurers doing business in that state.If the insurer has gone out of business, contact the insurance commissioner of your state for further instruction. , The states of Massachusetts, Rhode Island, Alabama, Kansas, Louisiana, Missouri, New York, North Carolina, Ohio, Oklahoma, Oregon, Texas, and Vermont all have lost policy finders available to the public.
If you believe the the deceased took out his or her life insurance policy in one of those states, visit their websites to find out for sure. , Most states have unclaimed property offices, and one of the primary duties of those offices is to hold the proceeds of unclaimed life insurance policies in trust.
Go to the National Association of Unclaimed Property Administrators' website at http://www.missingmoney.com/ to begin your search. , Insurance companies will send warnings if payments have lapsed.
Payments can be made on a variety of methods such as monthly, twice a year or annually, so it is important to continue this process for 1 year if you suspect there is a policy that has been unclaimed. , If you already know who the deceased's insurer is, the process is relatively simple, and with most of the larger insurers, you can begin the process online.
Reach out to an agent of that insurer, and have the following information with you or readily available:
The insured’s full name The insured’s date of birth The insured’s state of residence The insured’s policy number or numbers (if known) The insured’s date and cause of death The name of whoever is reporting the claim and their relationship to the deceased.
Contact information for the person reporting the claim. , An agent or employee of the insurer will contact you after you file the initial claim.
You will need to provide a certified copy of the death certificate and any other document they require, such as a W-9 form, which would notify the IRS of any interest they paid out on the policy.Find a copy of the W-9 Form at: http://www.irs.gov/pub/irs-pdf/fw9.pdf.
The employee or agent will then process your claim. , Most of the time, the benefit on the policy is paid out within a few days to a few weeks.
If there is a delay, it is typically because of an issue with the death certificate (such as not sending a certified copy) Most people elect to receive a lump sum.
This way, you will not be taxed on further interest accruing on the policy.
However, an annuity may be right for you.
Check with a financial adviser to help you decide.
About the Author
Patrick Peterson
Enthusiastic about teaching hobbies techniques through clear, step-by-step guides.
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