Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Life Insurance Policy

Finding out if you are a beneficiary on a life insurance policy can be somewhat hard to determine. Typically, finding out if you are the beneficiary happens through word of mouth from the owner of the policy or someone else close to him or her.

Alternatively, if the insurance company has current contact information for you, an official notification may be how you learn about it.

However, someone has to notify the insurance company of the death of the insured first. Insurance companies are not permitted to provide information to a third party about a policy, unless the insured is deceased and the third party is the closest living relative or executor of the estate.

Read on to learn more details on how to find out if you are a life insurance beneficiary and then be sure to enter your ZIP above for FREE insurance quotes!

After the Death of the Insured

If a loved one has passed away and you feel that you may be a beneficiary of a life insurance policy, you should contact the executor of that person’s estate and ask him or her.

There are companies such as MIB Solutions, Inc. which offer a policy locator service that executors, administrators or the closest living relative of the deceased can use to find out if there is a policy out there that he or she took out but failed to share with others. Often people forget about old policies or policies they obtained through their employment, therefore it is often useful to opt for this search service that charges a very affordable fee.

You can often find out if you are a beneficiary of a life insurance policy by checking one of the missing or unclaimed money databases.

These databases are easy to access and can be checked by simply providing your name and state of residence. Be sure to check it for every state you have ever resided in. Often information can be found there concerning money that is owed you from life insurance policies as well as other types of money you have not claimed.

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Tips to Make Sure Life Insurance Beneficiaries are Aware of Policies

life insurance beneficiary

One of the best ways to make sure that beneficiaries know about life insurance policies is through communication. Beneficiaries are chosen by the person who takes out the life insurance policy and can be changed at will. So you should talk about it regularly. Here are three tips to help ensure that everyone knows who the beneficiary of family life insurance policies.

  1. Even if the actual beneficiaries do not know that they are listed on the policy, because of age or some other reason, make sure that several individuals know that a policy exists and has reasonable ways to get in touch with the beneficiaries if death occurs.
  2. Talk with family members, especially older ones, from time to time about plans they have in place for the future, including life insurance policies. Make sure they know where documents are kept. If documents are not in a fireproof environment, share insurance company contact information with several loved ones who do not live in the same home.
  3. If you take out an insurance policy and name a beneficiary who is not an immediate member of your family, make sure that you provide as much information as possible about how to contact that person. Include current contact information, and names and addresses of her close family members.

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Getting the Right Life Insurance Policy

Choosing beneficiaries for your life insurance policy is only one aspect of purchasing life insurance. There are an abundance of other things that you will need to consider when purchasing a life insurance policy.

You will need to choose whether you want to purchase a term life policy which will provide you with coverage for a fixed number of years.

This type of coverage is great for the period of your life when you have the most obligations. It is also the most affordable type.

beneficiary for life insurance policyYou will also need to decide if you would rather take out permanent life insurance instead of term life or in addition to it. Permanent or whole life insurance will definitely pay out benefits, no matter when you die, as long as the policy is still in effect. There are also investment benefits to a permanent life insurance policy that allow you to use some of the money you have put towards your policy while you are still alive.

When shopping for life insurance, be sure to get a variety of quotes from different companies. You will find that rates vary from company to company. In fact, there may be significant differences. Each company has its own guidelines and sets its rates according to those guidelines. The way to quickly and efficiently get the quotes you need to compare and find the best premium is by using a free online quote tool.

Start now with our FREE online quote tool to get a life insurance policy that will effectively take care of your beneficiaries. Get started now!