Find out if your Loved One has Life Insurance

Do Your detective work and find out find out if someone has life insurance before they die.

Both women and men believe that life insurance impacts their family, yet it seems that, unfortunately, women are not purchasing life insurance as frequently as men. This comes as a surprise taking into consideration the fact that women now have leading roles in finance and banking and should be able to understand the importance of life insurance, which benefits individuals at every stage of life. If there is no coverage policy in place, the family will have no choice but to foot the bill for funeral services and so on. In the absence of cash, it will be necessary to take out a loan or make a payment plan, basically, getting into debt.

Life insurance offers financial protection for the family, so taking out a policy of this kind is worthwhile, necessary, and ultimately rewarding.

Discussing money issues with the family may not be a simple thing to do, but it needs to be done. If you do not already have life insurance, make sure to take the time to get a quote and determine how much coverage you need. Take into account the financial advantages that this coverage policy will bring into your marriage and partnership. It is recommended that both spouses have life insurance. Maybe your spouse has taken out a life insurance policy without telling you. But why would they do that? Perhaps your partner wanted to leave you a gift.

Life Insurance is a Hidden Asset for Many

We hear this all the time: A person arranges their own life insurance and chooses someone close as the beneficiary. The person in question has no idea that they are entitled to receive death benefits. More often than not, the life insurance policy goes unclaimed. Is it possible that you could have a life insurance policy and not know it? Well, it is not impossible. An ever-increasing number of people transform their insurability into hidden assets. They are attracted to these financial arrangements because they are not tied up to the economy or major investments, for that matter. The fact of the matter is that secret life insurance policies are not common, but that does not mean that they are not impossible.

In case you were wondering how to find out if someone has life insurance, know that it is necessary to do a little bit of detective work. Just until we get round that point, it is worth mentioning that a secret life insurance policy does not stay secret for long. It is necessary to undergo a medical exam, provide relevant documentation, not to mention that the insurer will make calls to find out more about the applicant. This pretty much resembles a Hollywood scenario. Yet, it can happen in spite of the fact that there are countless obstacles that might prevent someone from taking out a life insurance policy behind closed doors. You need to know if there is a high likelihood that you will receive a big life insurance check at some point or another.

So, how are you supposed to find out if a loved one has taken out a life insurance policy?

Generally speaking, death benefits are paid because the insurance company knows whom to notify – in other words, heirs and beneficiaries. They have entire offices dedicated to that scope. Billions of dollars have gone unclaimed in the past years because people had no idea they were entitled to a death benefit. If you have reason to believe that your spouse has purchased a life insurance policy and nominated you as the beneficiary, it is best to conduct your own investigation and maximize your odds of finding the coverage policy information. If your loved one did not bother to inform you about the existence of the life insurance policy, that does not translate into the fact that it does not exist. On the contrary, there might be a policy out there that you didn’t even know about.

It is hard, but not impossible to discover whether or not someone has bought life insurance coverage.

What are the most important things you can do? Please continue reading to find out.

Reach out to Family Members, Friends, and Colleagues

If you have not considered the idea of insuring your life, your spouse most definitely has. As mentioned earlier, there is the possibility that they intended to leave you a significant gift. In this case, your loved may have discussed their plans with someone. Get in touch with other members of the family. Chances are they know something. Better yet, reach out to friends and colleagues. Maybe your partner has confided in someone about their death benefits. You will not know for sure until you ask. You have nothing to lose, anyway.

Check your Bank Account for Regular Payments

Do you have a joint bank account with your significant other? If the answer is yes, look for regular payments. A life insurance policy requires monthly premiums. The payments will undoubtedly appear in your account if your spouse has taken out life insurance without telling you about it. If they do not pay the insurance premiums, then the policy will lapse and there will be no more coverage. The point is that if the cash value is not sufficient to provide a benefit for the entire life, the policy ultimately expires.

Look for Insurance Policy Paperwork

You are overwhelmed by the stacks of papers in your home. Have you ever thought about going into those documents? Maybe you can find something useful. Check the mail and, yet again, bank statements for premium payments. If it is impossible to obtain access to the web-based account, the paperwork will give you a pretty good idea about what is going on. After the bank account is opened, the supporting documents are delivered at home. It is highly likely that your partner insured you without you knowing about it.

All in all, it does not matter who is the breadwinner in the home. Women should have life insurance to protect themselves from financial hardship. Do not leave everything up to your spouse. If you are earning money, you should opt for term plans. Insurance policies are simple and relatively cheap, so why not.