How to Find Out if an Old Life Insurance Policy Is Good

by Alibaster Smith ; Updated July 27, 2017

Life insurance is a financial contract that pays a large death benefit to your heirs when you die. This death benefit ensures that your family doesn't have to pay for your financial obligations, if you have any, after your death. But, your life insurance policy must be in force and all premiums must be paid before your policy will pay off. If you're uncertain about the status of any old life insurance policies, make sure you know how to find out if these policies are any good.

Step 1

Locate your life insurance policy or most recent premium bill. Your life insurance policy always has a policy number associated with it. This number is a unique identifying number that is only assigned to your policy. If you lose your policy, this number will ensure that you can get replacement paperwork and that your beneficiaries can receive the benefits of the policy when you die.

Step 2

Locate your life insurance company's phone number or address. Your life insurer keeps all pertinent information about the status of your life insurance policy on file and in their computer database. The life insurance company's contact information is on the bill you receive from them, normally at the top of your bill.

Step 3

Call your insurance company. Give the policy number for your old insurance policies to the company representative. Your representative will search the insurer's database. The search will determine whether the insurance policy is still in force. If it is, then your old policy is still good.

References

  • "Life Insurance"; Kenneth Black, Jr., Harold D. Skipper, Jr.; 1994
  • "Practicing Financial Planning for Professionals (Practitioners' Edition), 10th Edition"; Sid Mittra, Anandi P. Sahu, Robert A Crane; 2007

About the Author

I am a Registered Financial Consultant with 6 years experience in the financial services industry. I am trained in the financial planning process, with an emphasis in life insurance and annuity contracts. I have written for Demand Studios since 2009.

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