Having the safety and security of life insurance can help your loved ones stay in their home and pay bills, should you pass on before your time. But what if you have trouble finding lost life insurance policies?
But many people die without ever informing their families that they even had coverage. Perhaps the policy holder got divorced, then remarried and failed to update the beneficiary information. Or maybe the insured simply forgot about the policy entirely. Needless to say, there could be a dozen reasons why this oversight occurred. But regardless of the reason, the end result of this type of information lapse could be tragic for those left behind.
However, if you live in Illinois, survivors can get some help from the state’s Department of Insurance and the Illinois Treasurer’s Office in locating lost policies. Working with the Illinois Funeral Directors Association (IFDA), both of these state agencies will soon provide “information cards” to all funeral homes located in the Land of Lincoln.
The Illinois Department of Insurance will offer a “policy locator service” that can help survivors find lost life insurance policies. Once a survivor’s request is submitted, the department will contact all Illinois licensed carriers and request that they search their records for any policies under the deceased’s name.
The Illinois Treasurer’s Office can also help with finding lost policies. Some insurance companies surrender policies that have gone unclaimed for a prolonged period of time to this office. After filling out a simple online form, a formal search can be initiated.
The Illinois Department of Insurance, the Illinois Treasurer’s Office, and the IFDA are helping survivors better “connect-the-dots” when it comes to recovering lost life insurance. We hope more states will do the same.
For more information on this issue, talk to AccuQuote. We’re here to help.