Life insurance policyholders may fail to inform the beneficiary(ies) of a policy's existence. In life insurance, the beneficiary is the person or entity entitled to receive the policy proceeds upon the death of insured. Because some beneficiaries are not aware of their entitlement to the death benefit proceeds, they may fail to claim them. Insurance companies would like to distribute what is rightfully due, but they are bound to identify and pay the proper beneficiaries under the policies that they issue and they may only do so when claims are made. Today, consumers have several options available to them when searching for life insurance policies for deceased family members, including: searches provided by state treasurer and national unclaimed property searches; insurance company Lost Policy Finders; state insurance department Policy Locators; and private, fee-based services (for instance, MIB's Policy Locator Service).

First Steps. . .

Careful searching may provide vital clues like company names or former states of residence which may be helpful when selecting free or paid services to continue your search. If your research turns up evidence of a life insurance policy, it is best to check directly with the insurer's claims or customer service departments. Even if a policy has lapsed, benefits may still be payable under a whole life insurance policy's non-forfeiture provision.

Finding an Insurance Company That May Have Changed Name

If the insurer is no longer doing business or it was acquired by another insurer, a web search may uncover the successor insurance company. If you know the state in which the insurer had its home office, you should check with the state insurance department in that state to find out information about its successor. A.M. Best's Insurance Reports, available in the reference section of many larger libraries, provides lists updated annually of insurance company names and addresses, as well as insurers' name changes, mergers and other changes.