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 agency, “Equifax” at (800) 525-6285 and choose option 5. Have a pen and paper available because you will be given addresses for the 3 credit reporting agencies and instructions on what to send them. (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?
A fee of $79.95 is payable via Paypal before your search is initiated. (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
- Last 4 digits of decedent’s social security number
- The decedent’s last known address (at least city and state)
(Please note: Your attestation 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 is certified by your use of this website).
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 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 95% of all individual and industrial life insurance policies that are not only applied for but are ACTUALLY ISSUED.
How long before I get a response?
You will begin receiving written responses in as few as 5 days.
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 received and processed, your personal information is then transmitted via secure fax directly to the claims departments of each company in our database. We NEVER transmit your information to insurance companies via non-secure email. After 120 days your information is deleted from our servers and files.
“I’m not comfortable with providing sensitive family information online. How else can I submit my search request?”
You may submit your search request via a toll-free secure fax line. (Because of the extra steps involved with this process, an additional $25.00 fee applies). Please send an email to firstname.lastname@example.org indicating your wish to use secure fax transmission and we will send you instructions and the toll-free fax number.
* 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).