Did my Deceased Family Member Have a Life Insurance Policy?

Many millions of dollars in life insurance proceeds go unclaimed every year. If your loved one has passed away, you need to research whether they had life insurance in place. Money may be the last thing you want to think about while grieving a loss, but you owe it to your loved one to spend the time to locate any applicable policies. They purchased the life insurance because they loved you and wanted to provide you with the gift of financial security upon their passing.

Even if you are not accustomed to handling finances, there are a few simple steps you can take to determine whether there was any life insurance in place:

1) Review the decedents files. Are there statements from insurance companies, or check registers reflecting premium payments?

2) Contact your spouse’s employer or former employer. Often insurance policies are offered by employers.

3) Contact your spouse’s estate planning attorney, financial advisor, and accountant. These individuals may have knowledge of a life insurance policy.

4) Review tax returns. Certain insurance policies will accrue taxable revenue that may be reflected on a return.

5) Check online resources. The State of Minnesota provides a policy locator HERE.

These are just a few examples of how to locate your loved one’s life insurance policy. If you have difficulty collecting on the life insurance policy once it is located, you may need to contact an experienced Minnesota life insurance lawyer.