Indianapolis – The Indiana Department of Insurance created the Life Insurance How-To Guide in response to Senate Enrolled Act No. 425 (SEA 425), which is effective on July 1, 2015. SEA 425 requires the Indiana Department of Insurance to develop, post and maintain on the Internet information concerning life insurance and financial affairs.
“There isn’t a database for beneficiaries of life insurance policies to check to see what company wrote the policy for the insured. Therefore, it’s important that insured consumers make beneficiaries aware of the existence of the life insurance policy, and beneficiaries need to know how to locate a policy if lost,” said Indiana Department of Insurance Commissioner Stephen W. Robertson.
The Indiana Department of Insurance Life Insurance How-To Guide addresses three areas related to life insurance policies. Part One, How to Obtain Information About the Existence of a Life Insurance Policy, offers tips to help you locate a lost life insurance policy and strategies to find out more information if needed. For example, if you haven’t been able to locate which company issued the policy, check for cancelled checks or bank statements for automatic payments to insurance companies. Also, check the mail for at least a year following your loved one’s death to identify premium notices, annual reports or other communications from a life insurance company.
Part Two, How to File a Claim for Life Insurance Benefits, offers steps to filing a claim. Life insurance benefits are not automatically paid to a beneficiary when there is a death. The beneficiary must notify the insurance company that the policyholder died and file a claim.
Part Three, Tips to Avoid Losing Your Policy, discusses steps you can take to ensure your policy is easy to locate and your family members are aware of its existence. For example, it’s important to keep your beneficiary information up-to-date and make sure your insurance company and agent have current contact information for all of your listed beneficiaries.