A life insurance policy taken out on another person must adhere to certain guidelines and rules from the state the life insurance has been purchased. A person cannot take out life insurance on anyone because the person being insured must consent to and be a part of the application process. Under normal circumstances, you would know if someone has a life insurance policy on you.
One reliable life insurance policy locator is the National Association of Insurance Commissioners (NAIC). It is a free service for consumers.
Alternatively, you may be unaware that a relative or friend has taken out an insurance policy, naming you as a beneficiary. Millions of dollars of life insurance remain unclaimed each year. Fortunately, some organizations provide a mechanism for searching life insurance policies and beneficiaries.
One reliable life insurance policy locator is the National Association of Insurance Commissioners (NAIC). It is a free service for consumers. By entering the deceased's information, which includes the deceased's Social Security Number, their legal first and last name, and their dates of birth and death, the NAIC will assist consumers by searching for a lost policy using policy data provided by the life insurance companies.
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If the deceased's insurance policy is found, and you are the beneficiary, the life insurance or annuity company will be the group to reach out to you, usually by mail within 90 days.
The NAIC is the most widely used life insurance policy locator.
Other resources that may provide a similar service include:
- Certain states have a State Department of Insurance life insurance policy locator.
- Several major life insurance companies provide their own online life insurance policy finder.
- The National Association of Unclaimed Property Administrators helps people find unclaimed property and money.
Normally, if you are a beneficiary, the insurance company will send you a notification by mail.
Of course, the best way to know whether you are a beneficiary is if the policyholder informs you. Conversely, if you know you are a beneficiary, and something changes in your life (such as your address), be sure to inform the owner of the insurance policy so they can keep their records current.