Wednesday, August 13, 2014

Free Searching for Lost Life Insurance Policies

Are you administering an estate, for a loved one or friend, and think that there might be a life insurance policy out somewhere?  In several states, the state insurance department will search for it for free.  According to the American Council on Life Insurance, the states of Alabama, Louisiana, Missouri, New York, Ohio, Oregon, Texas and Vermont will do the search for free if you contact them.   Check the ACLI website for contacts for each of these states, as well as tips on how to search for lost policies on your own.

There is also a page of contacts for the insurance departments of each state, and a link to MIB, the Medical Information Bureau, which will do a fee-based ($75) search for lost policies.  MIB is a non-profit, member agency that collects information and helps insurers figure out insurance risks.

If the life policy has been uncollected for a long time, it may have been turned over the the state, in which case you would search through state records for unclaimed funds.  Here's a link that describes where and how to find those funds. 

No comments: