Q: What should I know about collecting on missing life insurance policies?

Missing life insurance policies are hassles for consumers who don't know the proper precautions that should be taken. Keep in mind that there are things that you can do in order to find that life insurance policy. Here are some tips:

• Make sure that you have looked absolutely everywhere before further steps
• Call the relative's bank in order to have the records of the previous checks. By looking at the previous checks, you will be able to determine the company of the life insurance policy belonging to your relative.
• Go through the old credit card statements if you think your relative might have paid the insurance premiums using his/her credit card.
• In order to receive details of your relative's past estate, look through the probate court records which might come in handy.
• Ask your relative's lawyer whether he/she knows about your relative's past finances.
• Ask your relative's accountant whether he/she knows about your relative's past finances.
• Contact your relative's banker and find out whether he/she knows about your relative's past finances.
• Be sure to contact any family members, friends or close colleagues about whether or not they know anything about his insurance company.
• If your relative had group life insurance, it might be a good idea to contact any previous employers.
• It is a great idea to contact your relative's home or auto insurance agents and ask them about whether or not they sold him/her a policy.
• A great way to check for your relative's life insurance records is by checking the Medical Information Bureau. However, keep in mind that they might not have the information if there are no records present of insurers requesting the medical information of your relative. They will only have this information if your relative purchased the life insurance recently. Keep in mind that this report will cost you $8.50 but will pay off if you find the missing life insurance policy.