Two of the most certain things to happen in life are the deaths of one’s parents. Soon after this catastrophe occurs, if you have not done an appropriate amount of LifeCycle planning, you’re going to start wondering, “What did mom [or dad] leave us?” Here are some first places to look to try to find out.
Investigate your mom or dad’s:
- Personal papers and address books looking for listings of insurance agents, lawyers, estate planners, and financial advisors.
- Safety deposit boxes for an insurance policy or related papers.
- Any current or former employers for group life coverage or other life insurance policies purchased through work.
- Any spouse’s current or former employer to determine whether spousal coverage may apply.
- Bank accounts/cancelled checks for premium payments or policy loan interest payments to an insurance company.
- Income tax returns for any distributions from life insurance companies that have de-mutualized.
- Mail for at least one year following his or her passing for any premium notices, dividend notices, policy status notices and statements that are mailed generally around policy anniversaries or tax time.
- Fraternal organizations, associations, professional membership groups, unions and other such entities to which the decedent belonged that may make life insurance available to their members.
- Homeowner’s and auto insurance agent to see if they also may have sold life insurance to the decedent.
Carefully searching all of these things may provide vital clues like company names or former states of residence which may be helpful when selecting free or paid services to continue your search.
Another place to search is MIB’s life insurance application locator file. See LifeCycle Law’s post on MIB.
If your research turns up evidence of a life insurance policy, it is best to check directly with the insurer’s claims or customer service departments. Even if a policy has lapsed, benefits may still be payable under a whole life insurance policy’s non-forfeiture provision.