Finding Lost Life Insurance Policies After Death
Life insurance policies can be a huge financial help after a loved one passes away. As they can mature long after they were originally signed, there is always the risk that they could become lost. Thankfully, there are many steps you can take to reclaim a lost insurance policy.
Here we’ll look at what you should do if you suspect someone has a lost life insurance policy.
Finding a life insurance policy after death
If you think they may have had life insurance then there is a list of places that you can look. Thankfully there are plenty of options out there so you're sure to find it if they did have one.
Check bank statements – A good starting point is to check their bank statements and have a look at any payments leaving the account. Usually, there will be a list of direct debits for their regular bills and insurance payments.
Hopefully on there is a payment to an insurance company. If so, you can get in touch with them and see what the payment was for. Hopefully it was for the life insurance and you can go through the process of making a claim.
Insurance related documents – Most people collect all of their documents in one place. If the deceased has insurance documents for any other type of cover then perhaps they also have their life insurance with them. Many people use the same company for different types of insurance.
Other life insurance policies – Perhaps they had more than one life insurance policy. If so, it’s likely that on the application they would have had to list any other life insurance policies they had. This can be a great way to get a list of all possible policies.
Financial advisors – It’s likely that the deceased would have contacted a financial advisor at some point in their life, such as a solicitor to set up a trust, a will-writing service or to set up a life insurance policy with several beneficiaries.
If they did, then there is a good idea that one of these financial advisors helped them with their life insurance and knows who it was set up with. If you find any information relating to a financial advisor then get in touch and see what they know.
Previous employers – Many employers will have life insurance policies or pension policies that will pay out upon death. It’s worth getting a list together of all of their previous employers and then explaining the situation to them.
Check tax returns – If the deceased was self-employed then they would have needed to fill out tax returns. It’s possible that on those tax returns that they would have put their life insurance down as an expense. If you, then all the information may be there.
Unclaimed Assets Register (UAR) – Your last port of call may be to check the UAR register which is run by Experian. This lets you search for any lost assets and will then place you in touch with the financial provider. There is, however, currently a £25 fee for this service.
Lost life insurance FAQs
What happens if I can’t find the policy?
If you can’t find the policy, then unfortunately you're not going to make a claim. Life insurance companies aren't going to be notified of the death and therefore won't know that their policyholder has died. There is no database for life insurance policies as most of the time this will be covered in the deceased documents or in their will. If you knew they had a policy then you'll simply have to keep searching for the provider.
Can you outlive an insurance policy?
It is possible that they had a life insurance policy that is no longer valid. Term life insurance policies will cover someone for a specific period of time, for example, 25 years. If they have lived beyond that timescale then there will no longer be a valid claim for life insurance.
Can life insurance expire?
Another way you can outlive a life insurance policy is if there is an age limit on it. Some policies will cease to cover a person past a certain age. This is usually at a very advanced age at around 95 or 100 but each provider will have its own terms and conditions.
Is there a time limit on claiming insurance?
There will be no time limit for making a claim. As long as the insurance claim was valid and active at the time of death, you'll be eligible for the payout. Due to this, you don't need to panic if you can't find the policy straight away. You can keep looking, knowing that they'll be no issues if it's found, even if this is months after the deaths.
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