Finding Lost Life Insurance Policies
January 1, 2020 by Holland & Hart - Fiduciary Law Blog
As a probate paralegal, I often assist personal representatives, trustees and family members in collecting information about their loved one’s assets. Life insurance proceeds can be a blessing to the family to pay for expenses and in relieving the financial burden after a death. However, while the client may think they remember the deceased person having life insurance, they may not be able to locate any existing policies or have access to related documents. In addition, the life insurance company may have changed names or merged, many times more than once, since the policy was issued. If the policy was paid up, no correspondence may have been sent to the insured for literally decades. A non-family member or professional fiduciary may not have any information about insurance at all.
In 2016, the National Association of Insurance Commissioners (NAIC) created the Life Insurance Policy Locator to help address the growing problem of millions of dollars in unclaimed life insurance proceeds. The Life Insurance Policy Locator along with Frequently Asked Questions can be found here: https://eapps.naic.org/life-policy-locator/#/welcome