Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Life Insurance Policies and other Life Insurance topics.
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.