Use the National Association of Insurance Commissioners (NAIC) Search Tool
The National Association of Insurance Commissioners, which serves as the regulatory support organization for the insurance industry, has a locator tool to help customers find lost life insurance or annuity policies.
To use the locator tool, you will need to enter basic contact information that includes your name, address and email.
You can then submit your search request by entering information about the deceased family member who the contract belonged to. You may need to enter information from their death certificate, such as their date of death.
After submitting the information, you’ll receive an email confirming the receipt of your request. The annuity carrier will then contact you if the NAIC search finds a policy that lists you as a beneficiary.
If the search finds no policy, you won’t be contacted.
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Other Online Policy Search Tools
Outside of the NAIC, there are other online policy locators you can try as well. Many states have lost policy locator websites, so search to see if one exists for the state you live in.
Some individual annuity providers have their own locators that you can use if you think your deceased family member’s annuity may have been with that carrier.
Annuity Locators by Providers
The National Association of Unclaimed Property Administrators also has a search database you can try.
Check Bank Records
If you can’t find an old annuity contract through an online policy locator, you may be able to track down information by checking old bank records.
If you’re looking for an annuity that belonged to a recently deceased family member, an executor or estate executive may be able to help by getting in touch with the bank.
Finding the payment date and the company to which the policy premium was paid may help you learn what carrier you should get in contact with or at least give you a starting point for further research.
Even if the policy was sold through an insurance agency and not directly through the carrier, the transaction record will be tied to a policy account number and sales agent.
Check Tax Returns
Another option is looking through tax returns for information. A few different types of forms might be helpful.
1099-R forms include distributions from qualified retirement accounts like 401(k)s, IRAs, pensions and annuities. Any payments made from an annuity, whether qualified or non-qualified, will be reported on a 1099-R by the company that made the payments.
Some less likely options to check out include a Schedule B form, which reports interest and investment income earned in a given year.
If your annuity generates interest, dividends or investment income from underlying fixed or variable investments, it must be reported on Schedule B with the name of the payor. However, since most annuities are tax-deferred while in force, it is unlikely that any reportable income would be generated that is not already reported as earned income on a 1099-R.
You can also check a Schedule C form, a Form 1040 addendum that reports business income for sole proprietors or single-member LLCs. Contributions to annuities or other policies that were part of a self-employed retirement or benefit plan would be reported as part of Schedule C business expenses.
Worried About Your Retirement Savings?
Call Former Employers
Sometimes employers provide annuities as part of a benefits package. If you suspect this is the case for your missing annuity, then the employer may be able to help.
Keep in mind there are limits to how effective this avenue may be.
For former employment benefits or policies, there may be limits on retention. When benefit providers switch, employers may relocate the company benefits of both former and current employees.
Even if you have records of the company that managed the benefits at the time of employment, management may have changed multiple times over the years.
Contacting employers may be more helpful if the owner of the annuity contract was recently employed. If they were employed at the time of death, the human resources department will have recent records of the coverage and can coordinate policy details with the relevant service providers.
What To Do Once You Have Identified the Annuity Carrier
Once you know which annuity carrier issued the policy that you’re tracking down, contact their customer service team to learn the necessary steps to claim the benefits.
Insurance companies, like all financial institutions, protect the personal information of policyholders. The insurance company may require specific documentation or proof of ownership before discussing any details, including whether a policy exists.
When speaking with an insurance company, honestly explaining your situation is crucial. Misrepresenting facts or pretending to be the owner will only make the process more challenging.
If you are the owner but no longer have required information, such as the policy number, security codes or establishment date, explain that to the representative. Ask how you can securely access the policy. Representatives can guide you on what information or documentation you need to reestablish access.
If you’re not the owner, explain your relationship to the owner and the reason for your inquiry. Most companies have specific teams trained to help beneficiaries inherit or claim their benefits. They can provide a case worker to be your point of contact for this process.
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