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How To Know If You’re the Beneficiary of an Insurance Policy

Talking about death may be unpleasant, and it's even forbidden in some contexts. As a result, many people get life insurance plans without informing anybody, even their beneficiaries. The policy's beneficiaries may never hear about it if this happens, potentially leaving a large sum of money unclaimed. 

Consequently, it's natural if you're unsure about being the beneficiary of an Insurance Policy. If you believe you’re the intended beneficiary of an insurance policy, you may be wondering how to obtain information about the policy and submit a claim. Here's how to figure out if you're the intended recipient of a policy. 

 Check Personal Documents

In an ideal world, you'd already know if you're a beneficiary of someone else's policy and have all the necessary information to file a claim. However, information and even policies can fall through the cracks as time passes. If you suspect you could be a beneficiary of a loved one's life insurance policy after they've died, start by looking through their paperwork for proof. Look in computers, desk drawers, folders where vital documents are kept, and house safes. Check with their bank to see if they have a safety deposit box. If you still can't discover anything, contact any legal, financial, or tax experts with whom they've worked to see what they can tell you. Check your loved one's mail and email as well. If they've been paying insurance premiums, they should get a statement or notification of cancellation. 

Contact Insurer 

Contact the insurer if you locate the policy or discover paperwork that suggests a policy exists. You can inquire as to whether or not you’re the beneficiary. The insurer may inform or request you fill out paperwork reporting the death. The firm will typically send out a claim form to you and any other beneficiaries, together with a copy of the death certificate, and ask you to submit them. If you don't receive a claim form, check to see if yours was misplaced or if you're not a proper beneficiary. 

Search Online

Some websites provide free search tools to assist users in locating unclaimed assets, such as insurance benefits. Insert your first and last name into the search box. Other firms will look for a lost policy on your behalf. Representatives will call hundreds of life insurance firms on your behalf to see whether you have a policy. Fees vary, and there have been frauds involving this sort of service, so do your research before pulling the trigger. 

Bottom Line 

The beneficiary of an insurance policy is the person entitled to the claim amount and other benefits upon the benefactor's death or the policy's maturity. Every year, an excessive amount of money in life insurance payouts goes unclaimed by recipients. If someone names you as a beneficiary of his/her policy, they’re not required to inform you. Unless the corporation knows they're deceased, it won't notify you of their death. The methods mentioned above might assist you in determining if you’re the beneficiary of an insurance policy. However, if you require a specialized trusted agency to assist you with the multiple aspects of insurance claims, you may use Lycainsure. If you need further information, please register with us.