Life insurance policies can be a huge financial help after a loved one passes away. Life insurance is pretty simple: a monthly payment is made, and if you were to pass away during the term of your policy, you and your family receive a lump sum. This can help protect your loved ones financially after you are gone. 🤺
As they can mature long after they were originally purchased, there is a possible risk that they could become lost. Thankfully, there are a few places to look to reclaim a lost insurance policy, and a few things you should do if you cannot find a life insurance policy after someone’s death.
Finding a life insurance policy after death
If you think they may have had life insurance then here is a list of places that you can look 👀
Check bank statements – A good starting point is to check their bank statements as there will be a list of direct debits for their regular bills and insurance payments. Hopefully, there is a payment to an insurance company and you can get in touch with them and see what the payment was for.
Insurance related documents – Most people keep all of their documents in one place. If the deceased has other insurance documents for any other type of cover, then perhaps they also have their life insurance with them. Many people use the same company for different types of insurance.
Other life insurance policies – Perhaps they had more than one life insurance policy. If so, it’s likely that on the application they would have had to list any other life insurance policies they had. This can be a great way to get a list of all possible policies.
Financial advisors – It’s likely that the deceased would have contacted a financial advisor at some point in their life, such as a solicitor to set up a trust, a will-writing service or to set up another life insurance policy. Check with them!
Previous employers – Many employers will have life insurance policies or pension policies that will pay out upon death. It’s worth getting a list together of all of their previous employers.
Check tax returns – If the deceased was self-employed then they would have needed to fill out tax returns. It’s possible that on those tax returns that they would have put their life insurance down as an expense. If so, then all the information may be there.
Unclaimed Assets Register (UAR) – Your last port of call may be to check the UAR register which is run by Experian. This lets you search for any lost assets and will then place you in touch with the financial provider. There is currently a £25 fee for this service.
Lost life insurance FAQs
What happens if I can’t find the policy?
If you can’t find the policy, then unfortunately you're not going to be able to make a claim. Life insurance companies aren't going to be notified of the death and therefore won't know that their policyholder has died. There is no database for life insurance policies, so most of the time this will be covered in their documents or in their will. If you knew they had a policy then you'll simply have to keep searching for the provider ⏱️
Can you outlive an insurance policy?
It is possible that they had a life insurance policy that is no longer valid. Term life insurance policies will cover someone for a specific period of time, for example, 25 years. If they have lived beyond that time scale, then there will no longer be a valid claim for life insurance.
Can life insurance expire?
Another way you can outlive a life insurance policy is if there is an age limit on it. Some policies will cease to cover a person past a certain age. This is usually at a very advanced age, perhaps around 95 or 100 but each provider will have its own terms and conditions.
Is there a time limit on claiming insurance?
There will be no time limit for making a claim. As long as the insurance claim was valid and active at the time of death, you should be eligible for the payout. Because of this, you don't need to panic if you can't find the policy straight away. You can keep looking, knowing that there'll be no issues if it's found, even if this is months after the deaths.
We are an online service provider. So writing a will and taking out an insurance policy with us is all done online. 💻 While your will is sent to you in physical form, for either safe keeping yourself or to be sent back with our partners JPEP, there is always a copy online. This goes for your life insurance cover as well, there is always the ability to find your details. In this digital age, we are making sure that things are as simple and straightforward as possible. Find more about what our life insurance policies are all about by reading our FAQs.