Here are best ways to try to locate a lost policy. The OLHI also offers life and health insurance dispute resolution services.
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If you are unsure contact the OmbudService for Life Health Insurance which can help you search.
. If you dont have a copy of the policy ask for one. Name of beneficiary or beneficiaries. Lost heirs can be difficult to track down.
About one-in-five people who requested searches actually find policies ranging in value from 3500 to 210000. Talk to the deceaseds banker financial adviser and attorney. A final option you have to find lost life insurance policies is to hire a private search service or organization.
If you know which insurance company the policy was with you can contact the provider directly. Contact the insurance company. The first item on the list is a thorough search of the persons home and files as well as bank safety deposit boxes and other storage places.
Although this is undoubtedly the most expensive strategy its usually effective. To find a lost life insurance policy the OmbudService for Life Health Insurance OLHI is a free and independent service representing nearly all Canadian life insurance policies 99 according to its website. Monitor the mail e-mail and online banking and bill-payment.
We can only search for life and health insurance policies issued within Canada. Fortunately the Canadian Life and Health Insurance Associations OmbudService for Life and Health Insurance OLHI offers a valuable service to assist with locating missing policies of a deceased. Such a service will conduct a thorough search into the lost policy which will typically cost several hundred dollars.
It can take some digging but the policy document will have all the information you need to file a life insurance claim including. How to find an unclaimed life insurance policy. Submit a request to the NAIC Life Insurance Policy.
As many as one-third of all life insurance policy benefits go unclaimed on death of the insured because heirs often arent aware a policy exists or dont know how to find it. After a death heirs sometimes do not know if there was life insurance in force. You can turn to the National Association of Insurance Commissioners NAIC Life Insurance Policy Locator Service if youre unsure if a loved one had one.
If you cant find it you must have evidence that the policy exists. How to find a lost life insurance policy. If the regulator has an answer expect that answer to be implemented as fast as the insurance company can jump.
To initiate a search for unclaimed properties please provide the following information to the Ombudsmans office at Canada Life and a. The Canadian Life and Health Insurance Association OmbudService for Life and Health Insurance will contact its member companies to conduct a lost policy search. If you think you might be entitled to a life insurance benefit you have three options.
I had two suggestions. This online service asks that you enter data about the deceased such as their name last known address dates of birth and death and Social Security number. You should start by looking at the deceased persons bank statements to find out whether they were paying a regular life insurance premium.
You have to know if you are the designated beneficiary or are the legal representative of the person who has passed away to use this service. Find and open safe-deposit boxes. If this search turns up empty there are still actions you can take.
If you cant find evidence of the policy there try to find the name of the life insurance company that issued the policy. Check the application for each life insurance policy you find. Look through files safe deposit boxes and other areas where your loved one might have kept insurance documents.
The life insurance policy locator service allows you to do a national search for insurance policies or annuities on behalf of people who have died. Contact the deceaseds employers labor union or even fraternal order to check for policies. The Insurance Information Institute III has published five steps to use when tracking down a lost life policy.
Try to look for the policy yourself tips on how to search for a lost policy. With the submission and approval of an online application OLHI will administer requests for a policy search to its extensive member base of Canadian Life and. If they were the statement should also reveal the name of the insurance company receiving the payments.
Name and contact information of the insurer. First contact your provincial insurance regulator and seek advice. If you believe that you or someone upon whose behalf you are acting are the owner of unclaimed property being held by Canada Life you can initiate a search through the Ombudsmans Office of Canada Life.
If you know which insurer your loved one used your search may be relatively simple. Generally it is up to family members and beneficiaries to notify the life insurance company of a policy owners death. This document typically attached to the policy will have a list of any other life insurance policies owned at the time of the application.
Insurance regulators have a very big club with insurers and brokers and they are consumer-centric. Canada Unclaimed Life Insurance. It must be less than two years and more than three months since the persons death.
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