insurance information institute database
You may recall hearing an airline pilot friend said she bought life insurance high risk to help cover college funds for their children, but now dead, and nobody knows who the insurer. Or, a grieving widow swears that even though her husband had a life insurance policy (or was it a policy and again we hear sad stories of life insurance policies lost.
In many cases, the search for a missing policy could mean the difference between bankruptcy and financial security. The grieving survivors are caught in a guessing game, because, unfortunately, there is no national database or state global tracks the life insurance policies.
FreeAdvice.com and Insurance Information Institute (III) both recommend the next steps and places to look.
If you know who signed the dead of health, business or even a child's life insurance, then you have a leg up. Contact this company and ask.
If the primary insurer not show no life insurance or term life insurance policy (be sure to ask about policies less familiar, such as variable life insurance or no life insurance charge), contact with the past and present financial advisors, investment bankers, insurance agents, lawyers, business partners or friends known to offer personal financial advice.
If nothing else works, then Contact former employees, credit unions, trade groups, or groups of cars and roadside assistance.
Go through all files, safes, storage units, attics, basements and secret places that you can remember. Tour the old address books, bank statements and checkbook or calendars old they can offer clues.
If you have access to the deceased former life insurance applications, or even a stream, the policy known, that information will help. Any policy should have known about the application attached to it? And contain a list of other property insurance policies at the time of application.
If you still can not find the policy, not surrender. The Missing Policy Service of the American Council of Life Insurance, 1001 Pennsylvania Avenue, NW, Washington, DC 20004-2599 accept a written request to help locate the policy. Include an envelope addressed to firm size. They will distribute your request nearly 100 major life insurance companies in an effort to locate the lost policy.
Note, however, as free advice "Loss of life insurance" columnists say, "without knowing more information, there are several possibilities regarding the political situation. … It might have expired, been charged, become a "paid-up policy" or gone to the state as unclaimed property. … In the first three cases, policy would have no value. If it became a paid-up policy, it could still have value, but without name of the business and not politics information, it becomes very difficult to trace. If it were inadvertently taken by the State under the law of "reversal" (which applies when the insurer can not locate the owner), you may be able to locate the appropriate branch of government to investigate. The State must repay if the money transferred pursuant to reverse.
Another good approach, experts say free advice is to write to several of the largest life insurers directly with the deceased's name, address and date of birth. If you're lucky, they'll have something. If you're semi-lucky, one company may offer additional suggestions detective.
About the Author:
Ryan Patterson is president of US Insurance Online based in Austin, TX. He graduated in 2000 from the University of Texas with a combined business and computer science degree, and started the company in May of 2005 with fellow entrepreneur Jim Waltrip. The recently re-launched site is designed to provide insurance shopping help and free insurance quotes. For assistance finding a high risk life insurance plan, visit www.USInsuranceOnline.com
Article Source: ArticlesBase.com – How Can I Locate a Lost Term, Whole Universal, or High Risk Life Insurance Policy?
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