How Do I Find Out Where My Old Life Insurance Policy is Now?

Question:

Dear Steve,

In 1982 I bought a Life Insurance term policy and Bankcard Holders was the policyholder.

Since then I have divorced and remarried and wish to change my beneficiary. However, it appears this company is now out of business. Would you know how I would find out who purchased their existing accounts at that time? Any help would be greatly appreciated.

Thank you.

Jon

Answer:

Dear Jon,

If you purchased a term life insurance policy for a single premium for the life of the term the policy may still be in force. One place you can attempt to locate a missing life insurance policy is to use the National Association of Insurance Commissioners locator tool.

It can take up to 90 days to get the results of the search.

If you believe that the insurance policy you are trying to locate may have been issued in the state of New York, please visit the New York Department of Financial Services Lost Policy Finder website.

However, if this was a term policy that required monthly or annual premiums and you have not made those payments then the policy was most likely canceled without any residual value.

Your limited-time term policy would have had to have been for at least 38 years to still be active from 1982.

Another option would be to see if there was any financial activity on the old policy like a refund owed to you. You can check on unclaimed money claims by visiting the National Association of Unclaimed Property Administrators for more information.

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