FAQ’s – LostPolicy
BEFORE YOU DO ANYTHING ELSE YOU SHOULD …
Protect your loved one’s identity from being stolen. To do so, you should place a death notice in his/her credit file. For information and instructions on how to do this, call the credit reporting agencies, Experian (888-397-3742), Equifax (800-685-1111) and TransUnion (800-888-4213). Request the credit report be flagged as “Deceased. Do Not Issue Credit” (For more information on credit and credit reporting, visit the FDIC at: https://www.fdic.gov/consumers/consumer/ccc/reporting.html).
You should also turn in your loved one’s driver’s or other government issued license to the issuing authority with a copy of the Death Certificate.
Identity theft is number 1 on the FBI’s list of most common crimes. Be sure to protect your loved one’s identity from being stolen!
Frequently Asked Questions
How much does a search cost?
After a small service charge of $3.95 to cover costs we are offering our service to the families of COVID 19 victims completely FREE OF CHARGE. (Our regular charge is $79.95). We will continue to offer the service free of charge until this horrible pandemic is over.. (You DO NOT need a Paypal account to initiate a search). There are no other costs, percentages, or fees required.
How many people actually find lost policies?
According to one industry organization, “Customers using a (lost or missing policy) search service experience response rates of nearly 30%.”
What happens when a policy is found?
Any required notifications or communications will always be directed from the insurance company directly to listed beneficiaries, legal representatives, and/or the Authorized Person making the Search Request. In compliance with the laws regarding privacy, insurance companies NEVER communicate with LostPolicy.com on matters concerning your family’s sensitive personal information.
Is insurance money taxable?
If taken in a lump sum, generally not. If taken in installments, possibly. There may also be estate issues to consider. You should always consult a financial professional before making financial decisions.
What information is required to start a search?
In order for a complete and proper search to be done, insurance companies require ALL of the following information).
- Your full name
- Your contact information
- Your relationship to the decedent
- The decedent’s full name
- The decedent’s date of birth
- The decedent’s date of death
- Last 4 digits of decedent’s social security number
- The decedent’s cities, states of residence
(Please note: By your use of this website and by your signature you attest and certify that you are related to the decedent by blood or marriage, you are the decedent’s legal representative, and/or otherwise have an insurable interest* in the decedent).
Why should I use LostPolicy.com rather than some other search service?
- No matter what others may say, in order for a complete and proper search to be done, insurance companies WILL require sensitive family information. We provide a safe, secure environment for you to provide that required information. (Always look for the “https://” in the address bar before you provide anyone any information. The “S” in “https” is what indicates a secure environment).
- Once you initiate your search with us, your information is sent directly to insurance company’s claims departments by secure fax. There is no risk of letters getting lost in the mail or email finding its way into the wrong inbox.
(Please note: NEVER give ANYONE your loved one’s entire social security number. Doing so puts that information at risk. The last four digits, their name, date of birth, date of death and last city/state of residence are enough for insurance companies to do a full and proper search).
How extensive is a search?
The life insurance companies and company groups in our extensive database account for MORE THAN 97% of all individual life insurance policies that are not only applied for but are ACTUALLY ISSUED.
How long before I get a response?
Under normal circumstances we ask that Users allow at least 30 days for search completion. Today’s circumstances, however, are very far from normal. We therefore ask that you allow at least 60 days for search completion.
Exactly what do you do?
Watch a short video here.
What about the privacy of my information?
All sensitive family information submitted via our web site is protected by the highest level of encryption available. Once you have completed and confirmed your application, your information is transmitted via fax directly to the claims departments of each company in our database. After 180 days your information is deleted from our servers and files.
* For someone to have an “insurable interest” in someone else, he/she would have to suffer a material loss if the death of the insured occurred. (Without an insurable interest, an insurance company will not issue a policy).