Unclaimed life insurance policies represent a significant amount of unclaimed money, often because beneficiaries are unaware of the policies or don’t know how to locate them. These policies can provide much-needed financial support, so it’s crucial to know how to search for them effectively.

One of the first steps in searching for an unclaimed life insurance policy is to gather any relevant documents. Look through the deceased’s personal papers, bank statements, and tax returns for any indications of life insurance payments or policies. This can provide clues about the existence and location of a policy.

Next, consider using online databases and resources designed to help locate unclaimed life insurance benefits. Websites like the National Association of Insurance Commissioners (NAIC) offer a free Life Insurance Policy Locator Service. This tool allows you to submit a request to search for policies in the names of deceased relatives. Similarly, the National Association of Unclaimed Property Administrators (NAUPA) provides a platform to search for unclaimed property, including life insurance benefits.

Another useful resource is the My Lost Account service, which is a joint venture by the British Bankers’ Association, the Building Societies Association, and National Savings and Investments (NS&I). This service helps trace lost accounts and savings, including life insurance policies1.

It’s also beneficial to contact the insurance companies directly. If you know which company issued the policy, reach out to them with the deceased’s details. Insurance companies maintain records of their policyholders and can assist in locating unclaimed policies. In cases where the insurance company has merged or changed names, the Insurance Information Institute provides guidance on how to track down the current company.

For those who prefer a more personalized approach, hiring a professional service or investigator can be an option. These professionals specialize in locating unclaimed assets and can navigate the complexities of the search process on your behalf.

In summary, finding an unclaimed life insurance policy involves a combination of personal investigation, utilizing online resources, and contacting insurance companies. By taking these steps, you can uncover potentially significant financial benefits that might otherwise go unclaimed. For more detailed guidance, you can explore resources like MoneySuperMarket and Age UK2.