If you're reviewing old files among a deceased family member's possessions, you may come across life insurance documents. Before destroying them, you should determine whether these policies have uncollected death benefits and whether the policies have been terminated. Finding previously unknown life insurance documents may lead to a payout, but you'll need to spend time reviewing the documents and tracking down the current managing insurance company. Be prepared to prove your identity and relationship to the life insurance policyholder, especially if you are the assumed beneficiary.
Step 1
Review the document for company information, contact details and policy numbers. This information might be listed on the top or bottom of the document, or you may need to skim the document for details. Consider reviewing other files and address books for the names of insurance agents or leads if the policy documents don't have clear references.
Step 2
Contact the life insurance company. If the phone number on the policy is no longer valid, search online. You can also contact a local agent of the company for assistance. Companies will generally tell you if the policy has been redeemed, but for privacy reasons, they may limit the amount of information they reveal beyond that. You may need to prove your identity or relationship to the policyholder before the company will provide information.
Step 3
Find life insurance contacts for old companies. Mergers, name changes and bankruptcies can make it difficult to locate a life insurance company for an old policy. Contact the state insurance department where the deceased policyholder lived for potential leads. Most insurance policies are migrated to new management, even if the former insurance company declared bankruptcy. Contact the company that acquired the assets or purchased the company listed on the document. Additional company leads may be available through insurance company rosters or in the reference sections at larger libraries.
Step 4
Check with the unclaimed property office in every state where the policyholder lived. Approximately three years after a life insurance company discovers a policyholder has passed away and the beneficiary cannot be located, the proceeds of a life insurance policy are turned over to the state. Look for life insurance payouts for all potential beneficiaries.
Step 5
Talk to relatives, former advisers and potential beneficiaries about the policy and any payouts that may have been collected.
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