The Best Way To Find Your Deceased Loved One’s Life Insurance Policy

Many families are unaware that their loved one had a life insurance policy. And, for this very reason, the funds within this policy are never claimed, preventing one’s family members from using this money.

Going over the best way to find your deceased loved one’s life insurance policy, and speaking with a lawyer at the Millhorn Elder Law Planning Group, will make it easier for you to make use of the life insurance policy your loved one set up.

Will The Life Insurance Company Contact You After Your Loved One Passes? 

The answer to this question is “Maybe.” But, “Maybe” is definitely not “Yes.”

Every life insurance company is required to periodically check a Social Security death index. And, they are required to contrast this with their list of current policy holders.

If one of their policyholders has passed, they must contact the beneficiaries of that policy holder. They can only determine this, though, if the death has been recorded on the Social Security index.

Even though a life insurance company may contact you after your loved one passes, there is a very strong chance that they will be unable to do so.

How Can You Contact Your Loved One’s Life Insurance Company? 

You can contact your loved one’s life insurance company by going onto their website. By doing so, you can find a phone number. You can then call this number and, ideally, get things set up.

If you are unaware of what life insurance company your loved one purchased a policy from, you can use a tool provided by the National Association of Insurance Commissioners.

You should be able to find the insurance company your loved one purchased a policy from. But, you may not be able to access any details regarding the policy, if you aren’t a named beneficiary.

To remedy the above, you can work with a lawyer. Doing so can help you gain access to the policy, and its details, even if the insurance company is initially unwilling to provide you with the information you need.

The methods outlined above are often effective. But, if they aren’t, you can search through your loved one’s belongings. They should have physical or digital documentation, regarding the policy, in their personal property.

What Happens If You Never Claim The Funds? 

If you never claim the funds from your loved one’s life insurance policy, then the insurance company must release the funds to the treasurer of the state in which your loved one resided.

You can find these funds in the National Association of Unclaimed Property Administrators. Or, alternatively, the Florida Division of Unclaimed Property.

Obtaining the funds from an unclaimed life insurance policy can be tricky. And, as such, it is often best to work with a lawyer, when attempting to obtain these funds.

 Speak With A Florida Estate Planning Lawyer Today 

If you would like to obtain the funds from your loved one’s life insurance policy, you may want to think about getting legal help. Speak with a Florida estate planning lawyer today and we will help you. 

Sources: 

content.naic.org/article/learn-how-use-naic-life-insurance-policy-locator

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0717/Sections/0717.107.html

unclaimed.org/

fltreasurehunt.gov/