![]() You can also contact your family member’s employer (or former employer) to find out if there is any group coverage in force.Īlso review the individual’s financial records, including paperwork and bank statements. He or she should have the details of any active individual insurance policies. Your search for unclaimed life insurance begins with a phone call to your relative’s financial advisor. How to search for an unclaimed life insurance policy Read on to learn how to find out if an old life insurance policy is still valid and how to assess its value. If you suspect a family member or loved one has unclaimed life insurance, it’s worth the effort to track it down. ![]() That’s problematic, because life insurance can hold a tremendous amount of value - even after the insurer has lapsed the policy or the policyholder has died. With either approach, policyholders, beneficiaries, and family members can easily lose touch with the value or status of those old life insurance policies. Or, more commonly, they can become disengaged from the policy - paying premiums out of habit but otherwise not giving it much thought. They can modify their life insurance policies as their financial health evolves over time. Policyholders can address those life changes in different ways. But as the kids grow up and establish their households, that big death benefit may no longer be necessary. With a sizable death benefit, the surviving family members can often keep their home and buy some time to achieve their own financial stability. For example, it’s common for young families to buy life insurance to protect against the loss of the breadwinner. Over the course of those decades, the insured’s financial situation and financial needs can change dramatically. On permanent and term life policies, the policyholder could pay premiums for decades before the family or insured sees any return from that investment. But it can take years to prep that parachute to deliver a soft landing, for beneficiaries or for the policyholder later in life. Life insurance is a financial parachute of sorts.
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