 Finding
a lost life insurance policy
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 Dear
Dr. Don,
I have an old insurance policy with Atlas Assurance that was taken
out in 1969 and matured in 1989. How can I find out if I have been
paid out? What is the name of Atlas Assurance now? Any phone numbers?
Thanks.
-- Brian Beneficiary
 Dear
Brian,
Life insurance policies are seldom found in searches
of state unclaimed property sites. That's because insurance companies
hold the funds until they have no reasonable expectation that the
insured is living, and only then does the policy value get transferred
from the company to the state as unclaimed property. This transfer
typically takes place three years after the insurer knows the insured
has died.
MIB, which also issues the insurance
consumer reports, has a policy-locator service that will search
for a decedent but, since you're still with us, you're not able
to use its policy-locator service. You can, however, get a free
copy of your insurance
consumer report once each year, just like you can with credit
reports. The Bankrate feature, "Specialty
consumer reports reveal your secrets," explains specialty
consumer reports like the insurance report in greater detail.
The most likely way of tracking down your policy
is to contact the state insurance commissioner in the state where
you bought the policy. The commissioner keeps track of the firms
licensed to operate in the state, and records changes in the firm's
name due to mergers or acquisitions. You can find the contact
information for the insurance commissioner of your state on
the NAIC Web site. Once you find the firm, or its successor, you'll
be able to work with them to locate the policy and find out its
current status.
Assuming you are both the insured and the owner
of the policy, you won't have the privacy issues to contend with
that a family member would have in getting the company to disclose
your policy information.
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