Overview

Many people carry life insurance or other policies, like a 401(k), that are designed to provide for their families when they pass away or provide for retirement. Some insurance and investments policies may be cancelled upon death or transferred to other designated beneficiaries.

The person handling the estate matter will want to determine whether the decedent had any insurance policies or investment accounts that have benefits.

It is important to note that insurance policies vary between insurers. Reviewing types of insurance coverages, if any, should be a step taken to see if there are any benefits. One can always contact the insurance carrier for further information.

Unsure if the Decedent had Life Insurance or other Investment Vehicle?

· Review financial records, including bank account records and credit card statements.

· Ask employers, both former and current, to learn if the decedent took out life insurance through their place of employment or participated in any employer-sponsored program.

· Ask family and friends who may have known details about the decedent’s finances.

Types of Insurance

Below are several types of insurance policies. This list is not all exhaustive.

· Auto insurance provides liability protection for injuries (or death) during a car accident or cause damage to another’s property.

· Homeowner’s (property) insurance is a form of property insurance that covers damages and losses to an individual’s house and to assets in the house.

· Umbrella insurance is extra liability insurance designed to help protect the insured in the event of an accident, lawsuit or other claims.

· Life insurance - is provided specifically to help cover financial losses when someone dies. There are many types of policies and it’s important to understand the Decedent’s policy to know what type of settlement beneficiaries may receive.

Types of Investments

Below are a couple types of investments the decedent may have contributed to for his/her future. This list is not all exhaustive.

· 401(k) is an employer-sponsored account that helps an employee save for retirement.

· Individual Retirement Account (IRA) and Annuities are investment accounts that also help a person save for retirement. There are different IRAs a person can set up that result in different tax benefits.

· Certificates of Deposit (CDs) is a type of savings account with a set interest rate at a specified interest rate.

· Stock Certificates

*Please contact the insurance carrier or company that administered the investment for further guidance on how to receive any benefits.