$1 Billion of Lost Life Insurance?

It’s hard to believe, but there are so many lost and unclaimed life insurance policies out there, the amount of money just sitting there is a whopping $1 Billion dollars.

Whether someone just forgot what they did with their insurance policy, or they never told their family they took out another policy…

Their family’s money could be gone for good. Because at this date, insurance companies are not obligated to locate the owners and beneficiaries of unclaimed insurance funds.

So how can you find out if you are the beneficiary of a lost life insurance policy? Well, if you have had a family member or relative pass, whether it was recently or long ago…

Here are 5 tips to get you started on your search:

Tip #1) Check with Unclaimed Property Offices.

Search or call the Unclaimed Property office in the state or states where your relative lived. Some insurance carriers will forward unclaimed insurance money there.

Tip #2) Use MissingMoney.com

This handy free tool is endorsed by the National Association of Unclaimed Property Administrators. And enables you to search unclaimed property offices in many states with just a few clicks. If you find money, you can file a claim with that state, or if you need help you can even file a claim directly on the MissingMoney.com site.

Tip #3) Contact your family member’s insurance company.

Insurance companies are not going to go out of their way to contact you. So if you know which company your family member used for life insurance, call that company and ask them to do a policy search. If you get stuck, you may find the company information in an old telephone rolodex.

Tip #4) Don’t know the insurance company? Call them all.

Though it sounds like a lot of work, if you don’t know the insurance company your family member used, you can just start calling insurance companies, starting with the largest ones first. If you still come up empty, you can call smaller companies who operate in the state where your family member lived.

Tip #5) Search homes and bank deposit boxes.

While getting access to someone else’s safety deposit box can be hard, if you have identification and paperwork from your passed relative, that can help prove you are a family member.

The fact is, there’s a mountain of money that goes unclaimed all across our country. And your chances of finding some of it are about the same as you winning the Pick 3 in the Lotto.

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