It’s estimated that $1 billion in benefits from forgotten and lost life insurance policies are sitting unclaimed in America, says Consumer Reports. Could you be among the estimated 1 in 600 people who may be the beneficiary of an unclaimed life insurance policy?
If so, there are ways to find out. Here are some tips to help.
5 Ways to Locate a Lost Life Insurance Policy
- Watch out for scammers. There are life insurance scams out there whereby an “insurer” promises to reunite you with unclaimed funds. Don’t immediately respond to someone claiming to be the representative of an insurance company. Instead, call that insurance company’s claims number to see if the offer is legit.
How to prevent a lost life insurance policy in the first place
Life insurance is a powerful agent of relief. Taking care of the future needs of your loved ones makes you feel capable, purposeful, and satisfied.
Spare yourself and your beneficiaries from the hassle caused by a lost life insurance policy by following this advice:
- Clearly name your beneficiaries on the policy.
- Let your beneficiaries know about the policy. Also tell them the name of the insurance agent and company that issued the policy.
- Keep your insurance documents in a safe, logical place like a fireproof safe or bank safe. Not sure what kind of safe to buy? Read our guide to safe storage of important documents.
When you count on ERIE to help plan for the future, we’ll help you consider the variables, lay out the options and make the process comfortable and efficient.
Learn more about our flexible and affordable life insurance* options, or contact your local ERIE agent to talk it through in person.
*ERIE life insurance products and services are provided by Erie Family Life Insurance Company, a member of Erie Insurance Group, and are not available in New York.
This story was originally published in 2014. It was updated with new information in 2019.