Secret Waya to Reclaim a Missing Life Insurance Policy

Life insurance is the ultimate security to your family in the event of death. Though,there are some shortcomings that might hinder your beneficiary from getting the proceeds. If you are a beneficiary to a policy holder who has passed away and the life policy is lost, Later on you discover the missing life insurance policy; do you think that you are still entitled to get the benefits?

The answer is yes, provided that you discovered it within the time frame of six months to one year the holder of the policy died.

But, you have to know the type of policy the insured bought, whether it is a term policy or a permanent life policy; also you have to find out if he is update with his premium before his death. If he did not default in premium before he died, you will receive your premium in term life insurance policy but if he has outstanding premium to pay before his death you're not entitled to anything because the policy has expired prior to his death.

If it is, you're entitled to the benefits if the policy still existed by the time of his demise, i.e. he is update in his premium. Mind you, if the death was recent, you're entitled to the benefits and also the interest accrued to it starting from the time of death. Therefore, to establish your claim you have to equip yourself with all the necessary documents that shows evidence of payment, else the insurer might deny payment on the grounds of proof.

However, keeping to these instructions will help the beneficiary to receive the death benefits easier and avoid these rigorous processes when you have died.

Feel free to discuss with your family or beneficiary about your life insurance policy, though many a time policy holders are not comfortable to discussing this issue but it helps at the long run.

Arrange all documents concerning your life policy in a particular place to avoid your beneficiaries from searching all the corners of your house at time of your death.

But, in a situation the policy holder did not adhere to the above, you the beneficiary can resort to the following;

Inquire from those who may possibly be aware of the of the policy holders transaction, like his confidants, personal lawyer or doctor.

His place of work before his death may also be useful because of group life insurance scheme which most employees benefit from their employers or through supplementary life insurance.
Search through the policy holders used checks to see if you can any made payable to an insurance company.

You can also check his mail file for at least one year, because policy conditions and bills of premium are usually sent on annual basis to the policy holder. You can conduct more searches from any angle you think of, for tangible information.

In conclusion, it is better for you to disclose to your family or your beneficiary information about your life policy than to leave them in excessive searches and confusion in other to access your policy documents. The essence of life policy is to benefit your family when you're no more, why not disclose to them so that they can have easy access to your death benefits rather to become a missing life insurance policy.