Posted: Wed Sep 17, 2008 7:17 am Post subject: How to Collect on Lost Life Insurance Policies?
I just wanna share this with you all and please give comments...
A relative has just died. He had a life insurance policy with you listed as the beneficiary. There's just one problem: the life insurance policy is missing. You have no idea which insurance company wrote it.
If you find the missing life insurance policy in the future, are you still eligible to receive the death benefit?
Hope they paid their insurance bills
If you're a beneficiary and you find the lost life insurance policy shortly after the insured dies (within six months to a year, for example), claiming the death benefit should be trouble-free.
First, determine if the insured had term or permanent life insurance. If the insured held a term policy, you'll receive the death benefit if he died before the end of the policy term. If he died after the policy expiration date, you would get nothing.
Hello theoneonly,
There is no statute of limitations on Life Insurance. However, in this day and age there are many companies merging and/or being taken over. Keeping this in mind, if company A was taken over by company B, company B will only buy active policies. For example, if you had a term policy with company A and the insured died during the term. Company B would not have a record of the term policy since it is an inactive policy. This is the reason it is so important to know the company name that your loved one had life insurance with. You must, because of these times, claim your insurance as fast as possible.
There is no National Database that you can go to for help. There is a new company called FindYourPolicy.com where you can now register the Company name of your life insurance preventing any loss, misplacement or lack of communication. It is a Registry Database of legacies and the only one of its kind. findyourpolicy.com
I suggest everyone register their legacy information with this company to prevent any heartache in the future.
