It happens…
It could even happen with you!
Suppose you cannot find an insurance policy which was paid by your parent over 20 years back.
This is a tough problem, yet one many beneficiaries have faced.
When you don't know the name of the life insurance company, a good first step is to look for evidence of premium payments by going through copies of canceled checks or credit card statements, which would show the name of the insurer. This may be difficult since your parent’s were making the payments.
Life insurance companies make efforts to contact policyholders after they stop sending premiums, but if no one ever steps forward, they can't pay out the death benefit. If the insurance company knows the person died but can't locate the beneficiaries, it turns the death benefit over to the state as unclaimed property. States maintain databases of beneficiaries who are heirs of lost policyholders. Check with your state to see how to look up whether you are listed. In addition, the National Association of Unclaimed Property Administrators offers a MissingMoney.com Web site that lets you search nationwide for missing money, including life insurance policies that have been deemed unclaimed and transferred to the state.
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