23 Oct How Do You Know If A Deceased Family Member Had Life Insurance? Justin Crain, Partner
If a loved one dies and does not have an organized, comprehensive estate plan in place, you may not know whether or not your loved one had life insurance. So what can you do if a loved one dies and you are unsure about their life insurance policy?
If you think a life insurance policy was in effect when your loved one died but you can’t find the policy or the name of the company, you can use a policy locator service like the one provided by MIB. MIB can only search companies listed in its database for policies written in the last 11 years, but the $75 charge per search may be worth it if the result is that you find an otherwise lost policy. For older policies, or those not in their database, it is possible you will never know whether a policy existed or who it was with.
If you want to ensure that your loved ones can avoid a situation where they are unsure of your wishes and whether you have insurance or not, the better approach is to have a comprehensive estate plan in place that addresses all of your wishes and organizes your assets, including your life insurance, into one easy-to-understand plan accessible to those who survive you.
For more information on how Crain & Wooley can help you to have a comprehensive plan in place, schedule your free, 1-hour consult today!
Crain & Wooley does not endorse MIB. MIB is cited as an example of one life insurance locator provider.