How to Locate a Loved Ones’ Life Insurance

Every year, millions of dollars of life insurance benefits are unclaimed due to beneficiaries not being able to locate a deceased loved ones’ policy. Sometimes the beneficiaries don’t even know their loved ones have a policy.

The National Association of Insurance Commissioners (NAIC) has a Life Insurance Policy Locator that connects consumers with lost life insurance policies. This is a free online tool that searches for life insurance policies in all 50 states and has helped over 460,000 beneficiaries claim life insurance policies and annuities. These benefit payouts are worth over 10 billion dollars.

When a request is made and a match is found, the insurance company is then responsible for contacting beneficiaries. This service is open to both beneficiaries and legal representatives.

Here’s the policyholder’s information you’ll need to search for a policy:

• Social Security Number
• Legal First Name
• Legal Last Name
• Date of Birth
• Date of Death

Requests can take up to 90 days to receive a response; however, if a search finds no match or if the requester is not a beneficiary or legal representative no response will be given.

How to Use the NAIC Life Insurance Policy Locator Tool

Here are the steps to use the NAIC policy locator.

• Proceed to the tool using this link: https://eapps.naic.org/life-policy-locator/#/welcome
• Review the terms and agree to the process
• Enter your name and address along with relationship to the deceased
• Submit a search request by entering the information discussed above
• Submit information

If a policy is found and you are the beneficiary, the insurance company will contact you directly.

What Are Life Insurance Payouts Usually Used to Cover

While life insurance payouts can typically be used for anything, payouts are commonly used for:

• Funeral Expenses: Covers the costs associated with the policyholders funeral.
• Everyday Living Costs: Helps cover car payments, car insurance, groceries, clothing, and school supplies for the policyholders family.
• Mortgage Payments: Life insurance funds can help pay off the mortgage, giving your spouse or beneficiaries the flexibility to make the best decisions for the family during a difficult period.
• Co-signed Debts: If the policyholder is a co-signer on a loan, they may be held responsible for any remaining debt.

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When a loved one passes, it can be a difficult time figuring out all of the legal and financial accounts and policies. We hope this tool can be helpful in the event you cannot locate a loved ones’ life insurance policy or if you’re unsure if they have one. If you need life insurance for you or your family, please contact us. We’re happy to help!