Life insurance pays out a death benefit when a policyholder passes away. If your loved one dies, it's important to know whether they had life insurance so you can receive any money you're entitled to. This guide explains how to conduct a life insurance policy search.
How to find a life insurance policy
Here are seven steps to take if you're trying to find out if your loved one had life insurance.
1. Talk to friends
Starting with friends is a good first step if you're a surviving family member.. Ask any close friends of the deceased if they ever mentioned purchasing life insurance.
2. Consult with financial advisors
If your loved one had any financial advisors or attorneys, they would be a good resource for determining whether a life insurance policy exists. Lawyers or financial advisors might have helped the deceased buy insurance. Or they may have provided advice on how much coverage to buy or who to name as a beneficiary.
Often, people get life insurance through work.
Former employers of the deceased may be able to answer questions about whether life insurance was offered to workers. Some workers may not even be aware this is a group workplace benefit they have access to, so even people who are alive may need to verify whether they have coverage and update their life insurance beneficiary.
4. Check safe deposit boxes
Many people keep important paperwork in safe deposit boxes. If your relative had one at a local bank or credit union, this is a good place to look. Search for policy documents, which will include the policy number and detailed information about what coverage was in effect.
5. Look through financial paperwork
To find out if someone has life insurance, looking through their financial paperwork is helpful. They may have a copy of the policy or past statements showing they paid premiums.
Mailed letters could provide updates on the life insurance policy. Or reviewing bank statements could show premiums were paid. If bank statements show payments were made to an insurer, it's possible to contact that life insurance company.
6. Search insurance websites
Many major insurers now have policy locator tools on their websites that allow you to find out if your loved one had life insurance through the company.
There is also a life insurance policy locator on the website of the National Association of Insurance Commissioners. Some states maintain a life insurance database, so check with state insurance department officials as well. Many of these tools require you to enter your loved one's date of birth, date of death, and Social Security number.
7. Look on state unclaimed property websites
If a life insurance company knows that a policyholder has died but can't track down the beneficiary, they’re required to turn over the death benefit to the unclaimed property division of the state where the policy was purchased. The National Association of Unclaimed Property Administrators’ website, unclaimed.org, allows you to search by state.
Life insurers must protect their clients' privacy even after someone has passed away. This can make it more difficult to find out if someone has life insurance.
Still, certain people are able to request a copy of the policy. The person who has been named as executor of the deceased's estate can usually request a copy of a life insurance policy. In some cases, the next of kin may also request a copy. They will likely need documentation to prove their identity and their relationship to the deceased.
How do you find out if you're a beneficiary?
Life insurance companies will generally contact beneficiaries. They will do this if they become aware of the policyholder's death. Some states require life insurers to check the Social Security Administration's Death Master File to see if any policyholders have passed. Things can get complicated, though, if the insurance company can’t locate the beneficiary or if the primary beneficiary has died.
How to get a copy of the life insurance policy
Ideally, the deceased person will have kept a copy of financial paperwork, including a life insurance policy. If so, this is the easiest way to obtain a copy. Unfortunately, in cases where there is a lost life insurance policy, it's more complicated.
Contacting the life insurance company can also be appropriate, as the company should provide policy documents. However, generally the executor of the estate or a court-appointed guardian will need to contact the insurer to obtain this paperwork.
How to file a life insurance claim
To file a life insurance claim:
- Conduct a life insurance policy search to identify policies that are in effect.
- Review life insurance documents to see who has been named as a beneficiary.
- Obtain crucial documents, including a death certificate and insurance claim form.
- Contact the insurer and file a claim using the required forms and providing appropriate documentation.
How long does it take to get a life insurance check?
Life insurance payouts generally must be made within 30 days to 60 days of a valid claim. It can take longer for a life insurance policy to pay out if the claim is contested. The process can also take longer if the insurance company investigates the person's death, which is most likely to happen if they die within two years of purchasing the policy.
Fact Checked
Ashley Maready