You Know the Name of the Life Insurance Company

If you know which company issued the decedent’s life insurance policy, you do not need to go searching for documents. The company will already have the deceased party’s information on file and will be able to award benefits after you have verified your identity and furnished copies of the policyholder’s death certificate. 

You Know the Details of a Policy or if a Policy Exists

Locating a life insurance policy without knowing the name of the issuing company—or whether a policy even exists—can be difficult, but it is by no means impossible.

You may be able to find a lost policy by:

  • Searching state-level life insurance policy databases
  • Contacting the decedent’s lawyer, financial advisor, or former employer
  • Reviewing tax records and financial statements

In some cases, if the life insurance company knows that a policyholder has died but cannot establish contact with a beneficiary, they may transfer unclaimed policies to the California State Controller.

The Advantage of Tracking Down a Life Insurance Policy

With an average payout of about $168,000, a long-lost life insurance policy could prove a windfall for even high-earning California families.

However, forgetting about or losing track of a policy is a fairly common occurrence. According to some estimates, insurance companies hold more than $7.4 billion in unclaimed life insurance proceeds—of which $5 billion would be paid directly to heirs, were it ever claimed.

Looking for a policy can be challenging, but you do not have to forfeit your rights to an inheritance. The Law Firm of Kavesh, Minor & Otis, Inc. could help you honor a loved one’s legacy by making full use of the gifts they intended for your use and enjoyment.

Philip J. Kavesh
Nationally recognized attorney helping clients with customized estate planning guidance for over 40 years.
Post A Comment