Life Insurance is the ultimate security to your family in the happening of death. Though, there are some shortcomings that might hold back your beneficiary from getting the proceeds. If you are a beneficiary to a policy holder who has passed away and the life policy is lost, Later on you find out the Lost Life Insurance Policy; do you think that you are still entitled to get the benefits?
The answer is YES, provided that you discovered it within the time frame of six months to one year the holder of the policy died.
But, you have to know the type of policy the insured bought, whether it is a term or a permanent life policy; also you have to discover if he or she is update with his premium before his or her death. If he or she did not default in premium before he died, you will receive your premium in term life insurance policy but if he or she has outstanding premium to pay before his death you are not entitled to anything because the policy has expired prior to his death.
If it is, you are entitled to the benefits if it is still existed by the time of his demise, i.e. he or she is update in her or his premium. Mind you, if the death was recent, you're entitled to the benefits and also the interest accrued to it starting from the time of death. Therefore, to establish your claim you have to equip yourself with all the necessary documents that shows evidence of payment, else the insurer might deny payment on the grounds of proof.
However, keeping to these instructions will help the beneficiary to receive the death benefits easier and avoid these rigorous processes when you have died. Feel free to discuss with your family or beneficiary about your life insurance policy, though many a time policy holders are not comfortable to discussing this issue but it helps at the long run. Arrange all documents concerning your life policy in a particular place to avoid your beneficiaries from searching all the corners of your house at time of your death.
But, in a situation the policy holder did not adhere to the above, you the beneficiary can resort to the following:
Inquire from those who may possibly be aware of the of the holders transaction, like his confidants, personal lawyer or doctor.
His place of work before his death may also be useful because of group life insurance scheme which most employees benefit from their employers or through supplementary life insurance.
Search through the policy holders used checks to see if you can any made payable to an insurance company.
You can also check his mail file for at least one year, because policy conditions and bills of premium are usually sent on annual basis to the policy holder. You can conduct more searches from any angle you think of, for tangible information.