Planning a funeral is costly, therefore it is important to find out as soon as possible if the deceased person had a life insurance policy. People who have life insurance policies usually tell someone that it exists. Others get the life insurance policy, tuck it away and do not mention it to anyone. That is when the search begins for possible hidden life insurance that will help with funeral expenses.
There are several things that family members can do to seek out possible life insurance policies. It can be a difficult task if there is no clear indication of such a policy. Follow the list below to find those hidden life insurance policies.
Paperwork- Search through all the paperwork in the home of the deceased. Life insurance policies require a lot of paperwork and signatures. Look at every single piece of paper in the home. If there is excessive paperwork, have several people help in the task. If you are not sure if something might be life insurance, put it in a pile for later use.
Make phone calls- Find phone numbers on paperwork you are not certain about. Call those businesses to find out if there was a policy. Most companies will require a death certificate before they will give out information. Death certificates cost money, so use them sparingly and only for places that insist they have one before they will do anything.
Job- Many companies offer life insurance for their employees. Call the human resources department where the deceased last worked to find out if he or she carried life insurance through them. The benefit amount is usually double the annual salary of the employee. The human resources department can guide you to the next steps in collecting on the policy if one exists.
Checkbook- Most life insurance policies need to be paid on a monthly or yearly basis. Look through the entries in the deceased person’s checkbook to see if there are any entries for life insurance. This is the best way to find out about whether a person had life insurance or not. If there are payments to an insurance company for anything at all¸ such as car insurance, call the agent to find out if there was a life insurance policy as well.
When dealing with the death of a loved one, the last thing people want to think about is the money. Unfortunately, it is one of the first things they have to think about. Money for the funeral has to come from somewhere and not everyone has that kind of cash lying around. Do not be too disappointed if there was no policy. Not everyone carries a life insurance policy.