According to the I.I.I., unclaimed life insurance policies are a preventable problem and to address the issues, the Institute recommends that consumer use these 12 steps.
Alternatively, consumers can contact life insurance companies directly to see if an unclaimed life insurance policy exists. Each state insurance department has a listing of life insurance companies licensed to do business in its state. Moreover, the National Association of Insurance Commissioners (NAIC) recently launched a Life Policy Locator Service.
“Before having to go through any of these steps, it’s a good idea for grown children to talk with their elderly parents about the existing life insurance policies they have in place now,” Weisbart said. “These are necessary, albeit awkward, conversations to have so families can be prepared when the time comes."