Best Way to Find Lost Life Insurance Policy ?

[yogooglethis]

I have a good client who was told by elder neighbor lady who died in 1993 that she was named the beneficiary ona policy written by the now defunct Guarentee Reserve Life Insurance of Illonois that is now being administered by Reassure America Life Insurance.I have a copy of a letter from Guarantee Reserve dated 1986 that states my client was beneficiary but Reassure America that took over the block of business said in a letter they can't locate the insured or the policy number.I know things can happen like the policy lapsing etc. but knowing this client well and the way she described this lady who she took care of for years and had nobody else in her life i believe there could be an unpaid claim of 10,000.00 .I have exhausted the free sources of searching for unclaimed property is there any life insurance policy search company that's better than others?Is it possible for Reassure America to lose track of a policy?.Any recommendations?

 

[VolAgent]

See who handles unclaimed property for the state. It is possible it was turned over as the company found out the insured was deceased but was unable to reach the beneficiary.

 

[yogooglethis]

See who handles unclaimed property for the state. It is possible it was turned over as the company found out the insured was deceased but was unable to reach the beneficiary.

Did that in Illinois where policyholder resided when policy issued and Florida where she lived when Reassure America took over and where she died.No luck
Would the DOI help in a situation like this?Would it be Illinois DOI where she lived when she took out the policy of Florida where she died ? Or is the insurance consumer in this case considered the sole beneficiary who is a Florida resident? Hmmm...

 

[VolAgent]

If the insurer can find no record of it, the state of residence and state of issue have knowledge of it as unclaimed property and you are certain it existed, then the beneficiary should contact the department of insurance.

Some prodding from the DOI may help the insurer in doing a proper examination of their records. It simply may have gotten lost and a thorough search wasn't conducted.

 

[onefastpony]

I just received a letter from a CPA in Boca Raton, FL letting me know that they specialize in finding lost property. They stated that I had an unclaimed life policy from my grandmother when she passed away for just under 8K. They also said that if I authorized them to they would claim it for me and deduct their fee of $795 from the payout.

Once I got that letter I jumped on Florida's lost property site, www.treasurehunt.org to see if it was legit. Sure enough I found her and the policy. I have filed my own claim saving myself the $ 795 fee and sent the CPA a thank you letter for letting me know about the $$.

 

[Cory]

I swear I think Mark posted a source for doing this a few months ago (will try to find). Mark?

 

[Michael B Siciliano]

If it was released to the state or acheated, reassure should have record of it.. It is also possible that before the company went into receivorship the original client liquidated her policy. You mentioned they couldnt find the person or policy, but were you sure to have them run the social and DOB of the insured in question?
A private investigator should be able to assist with finding. Possibly one that will work for 10% of the claim, only if found.

 

[Mark]

I swear I think Mark posted a source for doing this a few months ago (will try to find). Mark?

Policy Locator | MIB Solutions, Inc. | How to find lost life insurance, Search for lost life insurance, Lost insurance policies

 

[Cory]

Thanks Mark...will bookmark this!

 

[Mr.Alex]

I swear I think Mark posted a source for doing this a few months ago (will try to find). Mark?
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