How to Find Life Insurance Policy Documents of Deceased Person
Life insurance is an important aspect in financial planning and it needs to be purchased by every earning member in the family. Life insurance provides risk coverage so that even in the absence of earning member, kids education, daughter marriage, day to day expense of the family etc. can be met. Every individual should share the life insurance documents with their immediate family members. However, there could be instances where there is unfortunate death of life insured and family members are not aware of any insurance documents or even insurance policy numbers. In this case, it is difficult for family to trace them out. In this article we would detail 8 ways in which family members can find lost life insurance policy documents of the deceased person.
About providing life insurance documents to family members
Once an individual purchases life insurance policy, the insurance company issues policy document. Majority of the times, insurance company sends hard copy of policy document to correspondence address. One should inform it to their family members about such policy documents. In case of unfortunate death of the life insured, family members can raise the claim. At a times there are instances where such info is not shared with family members. In case of unfortunate death of life insured, family members might find difficult to trace such documents.
8 Ways to Find Life Insurance Policy Documents of Deceased Person
Below are some of the ways where family members or nominee can find the life insurance policy documents of the deceased person.
#1 – Trace hard copies of policy documents
First step is to check for policy documents at home where life insured is residing. Life insured must be maintaining important documents at one place and one can quickly check if this is part of such critical documents which they might be maintaining. While majority of the cases these documents are at deceased home, sometimes they would have put in bank locker. Once family members have access to such locker, they can check even if by any chance they are lying there.
#2 – Softcopy of policy document in email
If hard copies are not found, second place is to check the life insured email ID. If the family members know the email Id, they can use forgot password and retrieve deceased mailbox. One can search with “insurance” or “policy” key words to check if there are any soft copies of life insurance policies sent to their email ID. Even when life insurance companies receive insurance premiums, they acknowledge the mail with amount received which would contain even the policy number.
#3 – SMS on mobile
Majority of the life insurance companies send SMS for premiums due as well as acknowledge once the premium is paid. One can check life insured mobile SMS with “insurance” or “premium” key words. This is the fastest way to find the insurance policy numbers.
#4 – Last 1 year Bank Statement
Generally one would opt for yearly premium or half yearly or quarterly premium life insurance plans. Bank statement of last 1 year should tell if any insurance premiums are paid along with insurance policy number and life insurance company name.
#5 – Check with employer
If the individual is salaried employer, another fastest way to get life insurance policy document is to check with employer of life insured. Generally employees would submit life insurance premium receipts for tax saving purpose u/s 80c to employers every year during Dec to Feb period. Hence employer would have copy of the premium receipts in the last few years. However, if life insured has missed to submit life insurance premium copy or not submitted due to exceeding 80c limit, this method might not work.
#6 – Check with financial advisor
If the life insured is taking regular advice from financial advisor, they would have shared the details with them for financial advice. Family members can approach financial advisor to get these details.
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#7 – Check income tax returns
Another place to identify whether there is any life insurance or not is ITR. Under income tax returns, one need to indicate 80c deduction which contains any life insurance premiums paid. This method can tell that there is life insurance premium paid or not, however, cannot get life insurance policy number.
#8 – Let Life insurance company contact you
Finally, if nothing is working out, you need to leave as is till the time life insurance company contacts you for the dues of life insurance premium. You can ask them to provide insurance policy details.
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