​​​​​​​How to Find Unclaimed Life Insurance Policies: A Comprehensive Guide

Every year, millions of dollars in life insurance goes unclaimed. Beneficiaries often struggle to locate policies or are unaware of their involvement altogether.

The problem of unclaimed life insurance prompted the creation of the Unclaimed Life Insurance Benefits Act in 2011, which aimed to standardize procedures and ensure regular checks against the Social Security Administration's Death Master File.

Despite these efforts, there are still numerous unclaimed policies waiting to be discovered. In this article, we will explore various methods to help you find unclaimed life insurance payouts that you may be owed.


Gather records to start your search

To begin your search, it is essential to gather the necessary records. A comprehensive life insurance policy requires the deceased individual's official death certificate, including their full legal name, Social Security number, and dates of birth and death.

Moreover, you should have a government-issued ID, such as a driver's license or passport, to verify your identity when filing a claim.


Check financial documents and personal contacts

If you have information about the policyholder and the insurer they were associated with, start your search there. Financial paperwork such as tax returns and bank records may provide valuable clues.

Additionally, contacting the deceased person's friends, family, coworkers, or previous employers, and even consulting clergy members, could offer leads or connect you with professionals who can assist in your search.


Try the NAIC Life Insurance Policy Locator Service

The National Association of Insurance Commissioners (NAIC) provides an online form that allows potential beneficiaries to search for unclaimed life insurance policies. To use this service, you will need the legal name, Social Security number, and dates of birth and death of the policyholder.

The information submitted to the NAIC is shared with participating insurance companies, who then search their records for any open policies.

It is important to note that this process may take several months.


Check with your state’s unclaimed property department

Insurance companies often consult Social Security Administration records to identify deceased policyholders and their beneficiaries. If the insurance company is unable to locate the beneficiaries, the funds are declared unclaimed or dormant.

Each state has different rules regarding the dormancy period, typically ranging from three to five years. If the dormant period has passed, you can search for unclaimed funds in the state where the deceased resided or where they purchased the policy.


Other ways to search for unclaimed policies

In addition to the NAIC service and state unclaimed property departments, there are other resources available to aid in your search for unclaimed policies.

The National Association of Unclaimed Property Administrators' Missing Money site allows you to search multiple state databases for unclaimed funds, including insurance payouts.

You can also utilize online policy search tools provided by several life insurance companies such as John Hancock, MetLife, and New York Life.

Furthermore, if the policyholder was a U.S. military veteran, the U.S. Department of Veterans Affairs has a searchable database specifically for veteran policies.


How to file a life insurance claim

Once you have discovered that you are the beneficiary of a life insurance policy, you will need to file a claim to receive your payment. This process requires several copies of the individual's death certificate, which can be obtained from the vital records office of the state where the person passed away.

You can file the claim directly or work with an insurance agent. Additionally, you will need to provide identification and details about yourself when completing the claim form.

You must also choose whether to receive the benefits as a lump sum or in the form of regular annuity payments.


Conclusion

If you suspect that you have been named as a beneficiary on someone's life insurance policy, there are various online tools and resources available to assist in your search.

By gathering the necessary documentation, utilizing search services like the NAIC Life Insurance Policy Locator, checking with state unclaimed property departments, and using other online search tools, you can increase the chances of discovering any unclaimed life insurance policies.

Acting quickly to file a claim is essential to receiving your payout in a timely manner.