A lost life insurance policy may sound like a real problem but it's actually easy to get a replacement, if that's what you really want to do. The policy itself is not necessary to file a claim. The beneficiaries simply include a lost policy form with the claim and the company processes it as though they included the policy. The most important use for the policy is to alert survivors that you had insurance. If they have that information, it's easy to file a claim.
Secure the policy number. In order to get a new copy of the policy, you need to have the policy number and the name of the company. If you have a local agent, call the office to find the information. You can also call the company's toll free phone number, if available. The service representative often just needs your Social Security number to supply your policy numbers.
Ask for a policy replacement form. If you have a local agent, they'll often mail you a form. Many companies have toll free phone numbers that also perform this service. Some companies allow you to print a form from their website.
Fill out a lost policy form. You have to testify that you lost your policy. You do this via the statement of lost policy form. There's a section on most forms where you request a replacement. Occasionally companies charge a fee to replace the entire policy but give you a certificate for free, which shows the policy number, who is insured, the policy date and other pertinent information.
Mail the form back to the company. If the firm requires payment for the replacement, include it with the form. Consider just requesting a certificate if the company charges a fee to replace the entire policy. Most of the information on the interior of a policy is standard. You can always find the cash value by calling the company or its local agent, so there's little need for the actual policy.
Prepare ahead. Keeping a record of policy numbers, death benefits, the name of the insured and contact phone numbers and addresses for the company is important. Update the list as you add more policies or drop them. If you aren't available, the list provides a map to your insurance coverage. You also should keep a second list somewhere other than your home in the event of a disaster or fire.
In addition to keeping a list of insurance policies, it's also important to keep a list of bank accounts and other financial information. You should update the list every 6 months. If you've ever been an executor of an estate where the deceased was a poor record keeper, you'll appreciate how important this type of listing is.