How To Locate A Life Insurance Policy: Free Life Insurance Policy Locator

Category: Consumer Services

Locating a life insurance policy can be a nightmare especially after a loved one is deceased.  It is not uncommon for family members to refuse or fail to disclose financial matters for various reasons prior to death.  The problem is that once they have expired, it can be very difficult to locate an old or missing life insurance policy, to find out if one exists, or if the policy is still active.

​This can present a multitude of problems for burial and settling other financial obligations if the family has a problem identifying the benefactor(s) of the estate or determining who has the legal rights and responsibility for allocating finances and honoring final wishes.  As the loss of a loved one is always a frightening and debilitating experience that leaves survivor’s, many times, in states of grief and shock it is important to be prepared to reduce frustration and confusion especially in cases of an unexpected death.

On the subject of accidental or unintentional deaths, the five leading causes are:

1. traffic accidents
2. fatal falls and stumbles
3. fires
4. drownings
5. alcohol and drug poisonings

According to the National Center for Health Statistics (2017), mortality rates for unintentional injury deaths is 45.6 per 100,000 people.  A total of 146, 571 people died accidental deaths in 2017.  A total of 33,381 people had fatal falling accidents (about 10.4% per 100,000 population); 37,357 people had fatal car accidents (11.7%); and, 47,478 people died from accidental poisonings (14.8% per 100,000 population).

Another primary source for tracking U.S. mortality rates is the National Vital Statistics System administered by the Center for Disease Control and Prevention (CDC).  Statistics show that there were nearly 3 million U.S. deaths in 2015 at a rate of 844 per 100,000 people.  The data here also suggests that unexpected death rates are rising.  That could include anything from homicides, drug overdoses, suicide, infant mortality, and other unexpected life events besides natural causes.  Since death is a rather taboo subject that most people prefer to avoid, the point is to have a strategy in place for loved ones before a tragic event occurs.

Suicide ranks in the top ten (10) causes of death in Michigan along with heart disease and other chronic illnesses.  See Michigan’s Health Report: Chronic Disease and Life Expectancy.

First Steps in locating a Life Insurance policy:

1. Search for insurance-related documents by examining personal files, a bank safety deposit or other storage boxes.  Address books may also include an agent or insurance company's contact information who may be aware of an active policy.
2. Financial professionals or institutions (i.e. banks, investment firms, attorney’s, or credit unions) may have information on payments made out of an account for a life insurance policy.
3. Review any life insurance policy that you can find - it will have information on any other existing policies that may or may not be active.
4. Contact previous or current employers that will have information on any existing group insurance policies acquired through the company.
5. Check the mail for premium or dividend notices.
6. Check the deceased tax returns for interest income or interest expenses paid for a life insurance policy.
7. Check your state’s Unclaimed Property division.  Insurance companies are now required by law to report unclaimed insurance benefits when a beneficiary cannot be located.
8. Visit your state’s Department of Insurance.  Some states have online locator tools which you can use to search for a missing life insurance policy.  A link is provided to the DIFS’ Life Insurance and Annuity Search Service (LIAS).

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You can also pay a service to search for any existing life insurance policies through an Medical Information Bureau (MIB) database.  However, there is a fee for each search and are usually unsuccessful.  The Michigan Department of Insurance and Financial Services (DIFS) charges $180 for a policy search that will take up to ten (10) days.  However, the DIFS website offers a free search tool but has up to ninety (90) days to respond.

The DIFS Free Locator tool can be used to search and locate life insurance policies or annuity contracts.  If a financial instrument is found the Department of Insurance and Financial Services (DIFS) will only respond to the listed beneficiary.
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Related Posts:
Death, Burial, and Crime Victim Compensation
http://www.canmichigan.com/death-and-burial.html
Michigan’s Health Report: Chronic Disease and Life Expectancy
http://www.canmichigan.com/blog/michigans-health-report-chronic-disease-and-life-expectancy

Links:
National Center for Health Statistics
https://www.cdc.gov/nchs/fastats/accidental-injury.htm
National Vital Statistics System
https://www.cdc.gov/nchs/nvss/deaths.htm
What is the Medical Information Bureau (MIB)?
URL: https://lifeinsurancebyjeff.com/medical-information-bureau-life-insurance-approval/
MIB Policy Locator Service
URL: https://www.mib.com/pls.html
Tony Steuer Insurance Consumer Advocate
URL: https://tonysteuer.com/
National Association of Insurance Companies Life Insurance Policy Locator Service
https://eapps.naic.org/life-policy-locator/#/welcome
Model Unclaimed Life Insurance Benefits Act Adopted By NCOIL (National Conference of Insurance Legislators)
https://www.lexology.com/library/detail.aspx?g=b3618bee-b5f7-4700-86c9-9a37285b3529