Beneficiaries: Unclaimed Life Insurance Policies
Understanding what happens to unclaimed life insurance policies is critical for beneficiaries. Beneficiaries' unclaimed life insurance policies may revert to their estate in the event that they died after the policyholder, which complicates the process even further. For those who suspect that there may be life insurance policies that may have been taken out by the decedent there are some simple steps to help locate them:
A) Check with employers - whether a decedent was working or is retired from a company, there may be life insurance policies that are fully paid with beneficiaries listed;
B) Check records - search files where the decedent may have stored life insurance policies. This may help identify outstanding policies that are payable to the beneficiaries;
C) Forward mail - if the home of the deceased is to be sold, rented or otherwise disposed of, it is a good idea to have the mail forwarded. Typically, the post office will allow mail to be forwarded for one year. Check mail carefully for premium due notices or other signs that there may be an outstanding life insurance policy;
D) Check with agent - many people use one insurance agent to cover all of their insurance needs. Contacting the insurance agent who handles home insurance, auto insurance or medical insurance may help identify outstanding life insurance policies.