Life insurance is designed to protect your loved ones, but some policies are never claimed. Unclaimed life insurance can happen for a number of reasons including a lost policy, or because family members were simply unaware a policy even existed. If you suspect that you may be a beneficiary of an unclaimed policy here are a few resources that can help you.
The OmbudService for Life & Health Insurance(OLHI) will, on your behalf, contact it’s members who will search their policies. For searches such as this, the requirements are that you do indeed have a reasonable basis and specific data about the deceased. The OLHI recommends that before you contact them, that you check the deceased’s financial information, such as their bank statements, for any record of automated withdrawals. Contacting their previous employer might also be a good strategy, as many companies offer group insurance polices that the deceased may have taken advantage of.
If you do know the insurance company, but simply have lost the policy, it is recommended you contact them directly. With the proliferation of the internet, many of these companies now offer a searchable database. These databases are a great way to find any information on policies that you may be entitled to. LifeCover.ca can always put you in contact with an independent insurance broker today.