If you have lost the information on your own life insurance policy, then that’s straightforward. You can find your lost policy by contacting the insurance company or the insurance agent that sold you the coverage.
However, if you have a reason to believe you are a beneficiary of a lost life insurance policy bought by a deceased parent or loved one, this article on how to find a lost life insurance policy will guide you.
Life insurance is one of the considerate financial products people buy for their families and dependents before they pass away. But how can it be helpful if the beneficiary cannot find the life insurance policies or does not even know it exists?
Even though finding a lost life insurance policy can be daunting, it can also be worth it.
In this article, I will offer helpful and proven tips that will help determine if your loved one had a life insurance policy and show you how to find that lost life insurance policy in Canada.
How to Find a Lost Life Insurance Policy
To make a claim as a beneficiary, you must provide the necessary information about the life insurance policy. This process is easy and straightforward if you have all the information.
However, if you do not have this information, then it can be stressful since finding a lost life insurance policy or finding out if someone had a life insurance policy can take some time. You may even be unsure about the departed’s insurance policy and would like to find out if they had a life insurance policy.
If you have all the information about a policy and want to make a claim, prepare to present the policy documents since they have all the information you need. The policy document will have:
- Name of the insurance company
- Contact information of the insurance company
- Policy number
- Death benefit amount
- Name of the beneficiary or beneficiaries
On the other hand, if you know that you are a beneficiary of a life insurance policy but don’t have a physical or digital copy of the policy documents, or if you are unsure whether or not your loved one had a life insurance policy, here are some helpful tips to help locate the lost life insurance policy.
1. Contact Financial Advisors
Suppose the deceased had anyone who ran their financial affairs and helped them manage their assets, such as an accountant, banker, estate planner, financial advisor, or a lawyer.
In that case, they may be able to tell whether the deceased had a life insurance policy. They might be able to help track down the insurance company or at least provide the insurance number.
At the very least, anyone who assisted the deceased with finances should know the name of the insurance company that issued the policy.
If the deceased bought health or auto insurance through an agent, you might want to contact the agent. They should know if there were other life insurance policies and the details.
2. Search for Physical Documents
If you are allowed access to the deceased’s personal stuff, look through their old things. Term life insurance policies can last up to 20 years, and whole life insurance lasts for the deceased’s lifetime.
So, their policy documents might be several years old. Check through their secure safe, bank safe deposit boxes, personal files, and common storage areas for a copy of the policy documents or any correspondence from the insurance company.
Suppose the deceased kept the documents in their bank safe deposit box. In that case, you will need a court order to prove that they died, and you are allowed to access the content of the deposit box.
3. Search Digital Storage for Digital Copies
Some insurance companies in Canada provide soft and hard copies of the policy document to the policyholder. If you can access the deceased’s laptop or computer, you can check it for digital copies of the policy.
If you have any shared storage with the deceased, or they used any external hard drive, consider checking it. However, accessing the file will be difficult if the deceased protected the file with a password or encryption.
Also, you can check the deceased’s email account if you have the login details. If you don’t, you can contact Google’s user support page and submit a request to access the deceased Gmail account.
4. Check Their Banking Records
You can check through the deceased banking records. If the deceased has an existing life insurance policy, their financial statements and bank records will show withdrawals of premium payments.
5. Contact Their Employer
You can contact the deceased’s employer. Some Canadian employers offer their employees access to a free life insurance policy or reduced rates as part of their benefits package.
Some employers offer group life insurance; your loved one might have had one.
6. Go Through Their Income Tax Returns
You can go through the deceased’s tax returns. The deceased might have a dividend received from the life insurance companies.
7. Member Organizations
Suppose the deceased was part of a union, veteran group, or any organization. They may have purchased a life insurance policy through the organization.
You can contact any organization the deceased was a member to find a lost life insurance policy.
8. Contact The Life Insurance Company
If you know the life insurance company that issued the policy, you can contact them directly. When you get in touch with them, be prepared to prove your identity and that the insured has passed away.
Usually, insurance companies in Canada request a death certificate and identity documents to show you are the listed beneficiary. You can use your driver’s license, passport, or SIN to establish your identity.
9. Use Online Free Life Insurance Policy Locator
You can find out if your loved one has a life insurance policy using online search services like the Health Ombud Service.
You can place a request to find a life insurance policy to search for a lost policy by clicking the “Find Policy of Deceased” tab.
Who Can Claim a Lost Life Insurance Policy
If a policyholder (insured) passes away, the beneficiary is the person who can file a claim to the insurance policy.
However, a family member, an estate trustee, or a family legal representative can submit a claim to the policy.
Only the designated beneficiaries can receive the death benefits from the insurance policy, regardless of who submits the claim.
To claim an insurance policy, you would need the deceased’s death certificate, the cause of death, the policy number, and a copy of the beneficiary’s driver’s license or any government-issued ID.
Final Thoughts on How To Find a Lost Life Insurance Policy
The death benefit of a life insurance policy is not paid automatically because the insurance company might not know of the insured’s death unless they are notified.
If you are searching for the lost life insurance policy of a deceased family member, or you think you may be a beneficiary of an insurance policy you did not know existed, don’t give up hope.
There are ways to find out if a life insurance policy exists and how to track it down. With the right tools and information, you can get your hands on that policy and be able to claim the provision and protection provided to you by your departed loved ones.
If you know the deceased had a life insurance policy, speak to their legal or financial advisor. Go through their personal files and financial records or contact their employer.
I hope this article has provided helpful tips on finding a lost life insurance policy in Canada. All the best, and may you find that which you seek.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
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