How do you find the life insurance policy of a deceased person?
If you're responsible for sorting out a loved one's financial affairs after they die, look for the deceased person's life insurance policies by speaking with their financial advisor, reviewing their financial and personal records, checking with the National Association of Insurance Commissioners (NAIC), and asking former employers. Once you've found the existing policies, you can take steps to help ensure the death benefit doesn't go unclaimed. Keep in mind that it can take three to five days for the death benefit to pay out after you've filed a life insurance claim.
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How can I find a life insurance policy after a loved one's death?
These basic steps can guide you through the process of finding a loved one's life insurance policy after their death to ensure no benefits go unclaimed.
Search their physical and digital records
As you go through your loved one's affairs, keep an eye out for proof of a life insurance policy in their personal and financial records. You might look for a copy of the policy, a document that identifies the insurer, or even a bank statement that shows proof of payment to a life insurance company. Someone can have a life insurance policy, or even multiple life insurance policies, without their beneficiaries or executor knowing about it, so search carefully.
If you find a list of the deceased's named life insurance beneficiaries during your search, notify those beneficiaries, so they know to start the life insurance claim process. If a policy had multiple beneficiaries, each might need to file a claim.
Speak with their financial advisor or lawyer
In addition to looking through the deceased's records, you can also check with sources like the deceased's financial advisor, lawyer, or others who may be familiar with their affairs.
Check with their former employers
Employers may also have information about insurance purchased through company benefits or as part of an employee's pension, even if the deceased was retired.
Contact the insurance company
If you locate a document that identifies the insurer, you can use it to track down the policy. You may need to verify your identity as a beneficiary by submitting paperwork to the insurer like the deceased policyholder's death certificate, your Social Security number, and your driver's license.
Use a life insurance policy locator tool
NAIC allows you to submit a request to search for a life insurance policy. This free online tool sends your request to participating insurance companies that will contact you if they find the deceased's policy in their databases.
How do I file a life insurance claim after death as a beneficiary?
If you're named as a primary beneficiary on a policy, you can begin the process of filing a claim for the death benefit. There's technically no time limit for claiming life insurance, but starting the process sooner can help your payout process go smoothly.
Begin by finding out the claim requirements from the insurer. In the case of a minor beneficiary, beneficiaries (or their legal guardian) may need to provide a valid ID or proof of relationship to the deceased. They will also need to provide the deceased's full name (including maiden name if they had one), Social Security number, and a certified copy of the death certificate. The deceased's funeral home can assist you with getting a certified copy of the death certificate (if applicable), or you can get help from the Center for Disease Control's vital statistics office.
Pro tip:
The death certificate may also be useful in closing or memorializing non-financial accounts like social media, streaming services, and email. Handling these accounts promptly can help prevent fraud and identity theft.
Ask the insurer about your life insurance payout options. You may not be the only beneficiary of the payout. You may be able to choose if the death benefit pays out as a lump sum or in installments (known as a life insurance annuity). Be sure to understand the death benefit's terms when making a claim, as portions of some life insurance payouts may be taxable.
Other beneficiary arrangements, such as if you're a contingent beneficiary or if the life insurance will pay out to a child's trust, can get complicated. Consult with a financial advisor or estate planner who can help you understand the terms of your claim. Once you've collected all the payout information and decided how you want to proceed, you're ready to file your claim. The insurer will approve or deny it based on the information you provide. If more information is required, the insurer may ask for it, or you may need to submit a new claim with the complete information.
How to get life insurance through Progressive
You can get a life insurance quote online. First, you'll answer some questions. Then you'll choose your coverage amount, term length, and other policy details. You can also call 1-866-912-2477 to speak with a licensed Progressive Life by eFinancial representative who can help you find the right policy for you.
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