Many people are reluctant to talk to their loved ones about their life insurance, wills, retirement plans, and other end-of-life planning. This is understandable; thinking and talking about our deaths, especially with our family members, can be difficult, stressful, and sad.
As emotional as these conversations can be, it is better than the alternative – not knowing if someone you love has life insurance can make it much more challenging to locate and receive the death benefit payout from the policy.
As many as one-third of life insurance policies in Canada could go unclaimed at any time – find out how to avoid this with your policy.
Read on if you are faced with the challenge of finding out if someone has life insurance in Canada, and then call us at Hometown Life Insurance for more help.
How do I Find out if Someone has Life Insurance in Canada?
There are several steps you can take to research whether someone had a life insurance policy in Canada. When searching, you are looking for a copy of the life insurance policy, the policy details, correspondence from a life insurance company, or contact information for a carrier or agent.
Check Paperwork, Files, and Safety Deposit Boxes
Start by checking files and paperwork the individual kept at home. Most people have a file cabinet, drawer, or another safe place in their home where they keep important documents. They may have it in an electronic file, so be sure to check laptops and tablets, and physical locations. Check the safety deposit box if there is one.
Talk With Friends
Ask friends – the deceased may have shared more details with a close friend than with their family. Perhaps they had discussions about this very topic – it cannot hurt to ask close friends if they know about any insurance policies the deceased may have had.
Ask Their Agent or Financial Advisor
Call the agent or financial advisor for the individual who has passed away if they had one. If the individual worked with an agent, that agent likely sold them their life insurance policy or has a copy of it in their file. They are a great place to start if your search at home turns up empty.
Call the Attorney
Ask the attorney who handled the estate if they have a copy of the life insurance policy, or details in their file about it. Find out which insurance company has the policy, contact them, and the policy number is helpful details.
Check With Their Employer (or Past Employer, if Retired)
Many Canadians have life insurance as a benefit through their employment. Ask the deceased’s employer or past employer, if they had retired, about any group life insurance policy that was available. They may be able to connect you directly with the insurance carrier and provide important details, like the policy number and group account.
Ask Professional Associations
If the individual belonged to any professional or personal associations, they might have purchased an affinity policy. For example, people in many professions like insurance, accounting, law, engineering, or medicine may belong to various professional networking and educational groups. There may be group life insurance available through membership in the association.
Look Through Bank Records
Do you have access to bank records? Check those for payments made to insurance companies. That can give you a start on which carriers to contact to check if they have a life insurance policy in force.
Do not Forget About Credit Cards
Lots of people purchase life insurance policies through their credit cards. These policies can add up, so be sure to check with the issuers of credit cards the individual had to see if there were any life insurance policies purchased.
Contact Carriers Directly
You can reach out to the carriers directly, too. Some of the larger carriers of life insurance in Canada may be a good place to start, especially if you know the deceased likely purchased their policy here. They likely have a process for researching unclaimed funds and can help you start your search with them. Remember they want to issue payment and close their files, too – if they can help you find them and make a successful claim, it also benefits the carrier.
File a Search Request With OLHI
The OmbudService for Life and Health Insurance, or OLHI, is an independent complaint resolution service for insurance in Canada. 99% of Canadian insurers are members. OLHI has a process where an individual can request help searching for a life insurance policy as long as the case meets its conditions, such as death must be between 3 months and two years before the request. The individual seeking help must document their efforts to find the policy before applying for OLHI help.
If OLHI helps to locate the policy, they will send a search request to their member companies. If any insurance companies find a valid policy in force for the deceased, that carrier will contact the heir or beneficiary (or their attorney). If no policy is found, they will not make contact. The carrier can only contact the heir, executor, or attorney. If the individual who requested the OLHI search is not one of those individuals, they will not be contacted by the insurance company.
Final Thoughts
There are many ways to locate a life insurance policy in Canada. If you need to locate one, try some of our tips. Make sure to talk with your family and loved ones to share details of your life insurance to help them avoid this challenge, as well. Providing the carrier name, policy number, beneficiary, and agent details will help your family find your life insurance policy easily and quickly. Ask your agent for more help having this conversation.
How do I Learn More?
To learn more about finding a life insurance policy in Canada, contact the experts at Hometown Life Insurance. Our licensed experts will be happy to answer any questions you have.
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