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Life Insurance Policy Locator Service Launched

How IRS tax exempt rules affect Key Man Life Insurance.

By Byron Udell | April 9, 2014

A new tool has arrived that can help you quickly determine how many life insurance policies your family has in play. To find out more, read on.

Many people have asked me over the years if there was a tool to find lost life insurance policies. The answer was no…until today.

The Medical Information Bureau (MIB) launched their Policy Locator Service to help people uncover whether a policy exists. MIB’s industry-wide database can report if an insurer took a policy application for the individual and submitted a query to our fraud detection service. It’s that activity that can help point the way to the company or companies that might have issued a life insurance policy. According to the MIB, the Policy Locator Service doesn’t guarantee that a policy has been issued, but it points people to the companies that are most likely to have issued coverage.

To use the Policy Locator Service, a decedent’s surviving spouse, next-of-kin or legal representative must submit an application form with a certified copy of the death certificate. Cost of a search is $75 U.S. – and responses usually are returned within ten business days. Pretty neat!

For more information, contact AccuQuote.

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