Finding a lost life insurance policy.

Imagine paying into a life insurance policy all your life and then the person you had selected as your beneficiary gets nothing after you pass away. This can happen and does happen when an insured does not keep insurance policies in a easily findable location and does not discuss financial matters with family members earlier in life.

What if you are the beneficiary of a lost life insurance policy? Consider these steps to locate lost life insurance policies:

• Review the insured's bank book for insurance payments.
• Look for credit card statements with monthly insurance charges.
• Contact their bank, tax preparer, lawyer and auto and homeowners insurance agent.
• Try their past employers. There could be group life insurance that provides some coverage.
• If the life insurance was a whole life policy, it is possible that it was paid up many years ago. Ask the bank if they have a safety deposit box. Search the house for filing cabinets, a safe or a fire box.

If you have life insurance on yourself make sure to discuss with your family where you keep the policy. Let the beneficiaries know that they are beneficiaries. Store all your financial records in one safe place. This would usually be at a bank (safety deposit box) or in a fire proof filing cabinet.

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