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Here is how you can find a lost insurance policy in 2022


Some or all of a deceased person’s assets may be transferred to their estate (the documentation of all the assets and property of someone). Some assets, such as those owned jointly or with designated beneficiaries, may pass straight to the joint survivor or beneficiary instead of going via the estate. The will of the deceased or the provincial or territorial intestacy rules determine how other assets of the estate are distributed (for those who die without a will).

If the “estate” is the beneficiary of a life insurance policy, the proceeds will be disbursed by the executors of the estate. Instructions on how to distribute a life insurance policy paid into an estate might be included in a will. The insurance proceeds may be held in trust in some cases, or they may be distributed to multiple beneficiaries depending on the instructions. Another option is to include any remaining funds in an estate’s final distribution to beneficiaries as part of that estate’s overall assets.

In most cases, life insurance advantages are paid straight to a designated beneficiary. Proceeds can be disbursed rapidly in certain situations.

Probate or estate administration tax may have to be paid when life insurance is paid into an estate, but the policyholder may have more influence over how the money is spent. There may be provisions for what occurs if an intended beneficiary dies prior to or simultaneously with the dead.

Your mother and brother may not be aware of the policy in question if you are the direct beneficiary. It cannot be prevented from being paid to you if it is payable to you and not the estate, and your mother and brother as trustees of the estate cannot do so. The insurance company normally pays out the death benefit to the heirs after the death certificate is provided.

Even if your mother and brother are aware of the policy, they may still be attempting to figure out what is involved in settlement of your stepfather’s estate and what their responsibilities as executors are. Engaging experts like lawyers and tax advisors and compiling an estate inventory might take time.

If you’re a named beneficiary in a will, they owe it to you to let you know. It is legally required for an estate to provide beneficiaries with a complete accounting of all funds received and disbursed. It’s possible that the distribution and settlement of an estate will take a year or more.

Handle everything by yourself if you suspect they may not be aware of the policy or that it may be paid to you directly. It’s possible to get in touch with the insurance company directly if you know which one it was. A lost insurance policy can be found by contacting OmbudService for Life & Health Insurance if you’re not sure. It is a non-profit organization that represents nearly all of Canada’s life insurance policies as members.

 A demutualized insurance company, which is a publicly-traded corporation controlled by shareholders and traded on the Toronto Stock Exchange, may have insurance company shares in your stepfather’s name if the policy is an old one from an insurance company that has been demutualized.

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