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You should not be frustrate if are unable to find the life insurance policy papers of your uncle in which he had made for your benefit. You had been informed well before your uncle’s death about an existence of a policy. Any how you should not lose your hope. With the following five points, you can get your missing life insurance policies:
-- Search through the cancelled checks and old checks. -- Trace the checks made out to insurance companies. -- Check with you uncle’s lawyer, banker and insurance agent. -- Check with your uncle’s past employers. -- Check with the Medical Information Bureau. By searching the cancelled checks or old checks, you will obtain the basic information regarding the policy name, the company from where the policy was taken and the policy number. Then it will became easy for you to contact the company with documents establishing your bona fides. If the policy is still active and has not lapsed you can get all the benefits which – which is your uncle was making the premium payments till the date of his death. Make sure that the insurance company will not allow easily to stop on premiums. Even the company could have informed to your uncle advising him of the default. Then an investigation has to follow up. The insurance company would declare that the policy has lapsed after waiting for a suitable period. Even if the insurance company is not informed of the death of the insured, the policy may be lapsed. It is therefore in your interest to locate the policy details at the earliest and inform the insurance company. The insurance company may transfer the money to the state if there will claim about the policy benefits. Normally the time is after three to five years of the death of the insured otherwise the policy will lapse. Then the money will transfer to the state comptroller’s department, and is treated as ‘unclaimed property’. Even the state tries to contact the beneficiaries through newspaper advertisements and websites before it declares ‘unclaimed property’. The state comptroller or treasurer also provides assistance to possible beneficiaries by explaining the procedures. With the beneficiary’s interest the money is sent to the state with contacting the insurance company. That is why the beneficiary must keep the time factor in mind and if will delay to claim about the policy there will be a chance to loose the policy as well as property.
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