How to Find a Lost Life Insurance Policy

lost life insurance policyWe cannot count the number of times a widow has stated to us they don’t know if their husband had purchased any life insurance.  Many times people simply forget that they purchased a life insurance policy years, or even decades, ago.  We have found a helpful solution few financial planners know about.

The Medical Information Bureau (MIB) is a organization put together by life and health insurance companies to help the insurance companies become subject to fraud and to find lies or omissions by potential policyholders during the application process.  Essentially, the insurance companies report your health to the MIB during the application of a life or health insurance policy and whenever you go visit the doctor.  How can they do this?  Simple, part of your insurance contract allows them to.  The MIB functions like a credit reporting agency for your health.

While many don’t like the thought of some unknown organization keeping tabs on their health this organization can be very useful in finding a lost life insurance policy insomuch as they have records of any applications made by someone for life and/or health insurance.  In fact the Medical Information Bureau provides a service to help beneficiaries of these lost life insurance policies.  They charge a nominal fee of $75 (as of 2012) and will research to see if you have any outstanding life insurance policies.

The MIB reports via their website that they find a lost life insurance policy for approximately 30% of those people who request a search be done.  While a 30% success rate may seem low it in fact is not.  Remember that people are using this service to figure out if their spouse, parent, etc. even had a policy in force at the time of their death.

To utilize the MIB’s lost life insurance policy locator service visit and download a copy of the policy locator service application form.

To find out more information about the Medical Information Bureau visit