Is there a way to find out if I already have a life insurance coverage?

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Asked July 2, 2015

1 Answer


Trying to locate possible life insurance policies can be a challenging experience, but there are shortcuts that can save you some time. With a minimal amount of information, you should be able to locate a life insurance policy you have bought and forgotten, or find policies that deceased loved ones paid for years ago.

You will need to know the personal details of the insured person, including the state where the policy was purchased, their full name, date of birth, and SSN. The full name and social security number of the insured person is the most helpful, but knowing which state the policy was purchased in will allow you to begin the search in the right place. If you are a named beneficiary, you will also need a copy of the death certificate to claim your benefits.

The first place to check is with banks or organizations the deceased belonged to. If they had other insurance policies with a particular company, the chances are good that they purchased their life insurance from the same place because it would have saved them money over time. You should also look through old bank statements in search of insurance companies that received regular payments on what is now a lost policy.

Check files, and other records for a paper trail leading to a forgotten life insurance policy. Safe deposit boxes, accountants, and financial advisors of the deceased are good places to investigate. Even if you find an old life insurance application, you may discover that it contains a list of any other policies in force at the time of the application. Another source for clues would be old tax returns, which would list the type and amount of policies in force.

The Department of Insurance in the state where the policy was purchased would have a record of the policy. Contact the state Insurance Commissioner with the personal information described above and they may be able to find the policy for you. Some states, including Missouri and Ohio, have specific search services for life insurance policies.

By law, unclaimed life insurance benefits cannot be absorbed back into the insurance company. Instead, unclaimed policies are placed with the state's unclaimed property division. A search of that division will reveal any money owed to you or the deceased through life insurance or other unclaimed financial sources.

Answered July 20, 2015 by Anonymous

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