If your husband left a letter of instruction, read it carefully. It may help you determine whether he had life insurance. A letter of instruction is simply a letter written by or on behalf of the deceased. It enables a surviving spouse or other person to locate important documents such as bank accounts, life insurance policies, safe deposits, or collectibles.
If your husband died without such a letter and you are trying to discover whether he had life insurance, there are several things you can do:
- Contact any family members whom your husband may have confided in. They may know if he had life insurance and from whom it was purchased.
- Ask your husband’s lawyer, estate executor, banker, accountant, or financial planner whether they know of a life insurance policy.
- Talk to your husband’s auto and home insurance agents. Often, consumers purchase one or more insurance products through the same agent. They may have sold your husband a policy or referred him to someone who did.
- Has your husband’s estate been probated? If it has, check the court records for details of the estate. Sometimes, the life insurance policy will show up as an asset.
- Did your husband have group life insurance through an employer? Speak to his former employers to make this determination.
- Perhaps your husband had a safe-deposit box. You may want to contact some of your local banks to see if there is a safe-deposit box account in your husband’s name.
- Look at any canceled checks, bank accounts, and credit card statements to see if your husband made any premium payments to an insurance company. Next, follow up with each company to see what the payment was for.
Remember, the insurance company is not obliged to notify you about the life insurance policy even if you are the spouse. Typically, the insurance company does nothing until someone notifies it and files a death benefit claim. This is usually done by the owner (if not the insured), the beneficiary, or the estate of the insured.
Although the above is no guarantee of success, some investigation will give you at least a chance of locating an existing policy. If you have insurance questions, contact the experts at Henssler Financial: 770-429-9166 or experts@henssler.com.
Disclosures:
The following information is reprinted with permission from Forefield, a division of Broadridge Financial Solutions, Inc. All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.
