The insurance department in Missouri has just developed a new program that will assist beneficiaries in being able to track down any life insurance policy that is held by the deceased person.
The insurance department has said that it isn’t at all uncommon for people to know that a family member has life insurance coverage, but not actually know which insurer sold the policy. Using this new program in Missouri, people who are searching for a life insurance policy for a dead relative will be able to give the information they have to the insurance department, which will then electronically contact every insurer selling those policies in the state.
Once a policy has been located, the insurance company can contact the beneficiary.
Without this type of a program, the best strategy for beneficiaries is to try to locate the paperwork associated with the policy. With this in hand, it is possible to see if it is a permanent life insurance or term life insurance policy.
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In the case of term life, if the deceased died before the end of the term, then a death benefit will be issued to the beneficiary. However, if the term had already expired, then no claim can be made.
On the other hand, in the case of a permanent life insurance policy, as long as the payments for the premiums were made up until the death – keeping the policy “in force” – then a death benefit will be paid.
If you don’t find the policy right away and some time passes, any benefits you receive will include interest from the date on which the policyholder died.