Holding on to Your Life Insurance Policies

Ideally, life insurance policies are kept in a safe place and beneficiaries know how and where to find them if it becomes necessary to make a claim. When that isn’t the case there are ways to find a lost life insurance policy. Tip 1. Review Financial Records • Financial records can give beneficiaries a clue about who might have issued the policy holders insurance. • If such records are not immediately available talk with people who may be familiar with the deceased’s financial history. Tip 2. Contact the Medical Information Bureau (MIB) • This agency has a database of requests from insurance carriers for medical information from potential applicants. Tip 3. Check with the Insured’s State • If no beneficiary steps forward to claim the benefit the insurer may turn the funds over to the state as unclaimed property. If the death occurred at least 3-5 years ago it might be worth checking your state’s searchable database for unclaimed insurance benefits.