What will happen if the insured person loses the original life insurance policy?

Asked by: Oscar Wuckert  |  Last update: May 25, 2025
Score: 4.5/5 (30 votes)

If the policyholder is still alive, request a new copy of the policy. If you misplaced a life insurance policy, but you have been paying premiums regularly, you're in luck—usually you can get a new copy of the policy. You can do this simply by calling the insurance company to explain the situation.

What if I lost my original life insurance policy?

Contact your life insurance company's customer service, provide your personal information, and request a copy of the policy; alternatively, use resources like the NAIC policy locator tool or search through financial documents to locate the policy.

What happens if the insured person loses the original life insurance policy document?

If you lose your original policy document, inform the insurer ASAP. You can visit the nearest brand office or call the agent or the customer care number. Next, you can raise a request for a duplicate policy document. For this, you will need to submit the FIR copy, advertisement and indemnity bond.

Do you get your money back if your life insurance policy lapses?

No, you don't get any money back from your Term life. Only on death, the family gets the claim. However, if you opt for Return of Premium option, then the premium paid is repaid at maturity of the policy holder is alive.

What is the advantage of reinstating an original life policy?

Reinstating your life insurance policy allows you to keep the original terms, rates, and benefits, which can help you avoid higher premiums due to any deterioration in your health since the policy was first purchased.

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35 related questions found

How long do you have to reinstate a lapsed permanent life insurance policy?

The process and conditions for reinstatement can vary across insurance companies, but here are the general steps and requirements for reinstatement: Act Quickly: Most insurers have a reinstatement period, often ranging from 2 to 5 years from the date of the lapse, during which you can reinstate your policy.

Do you need to keep original life insurance policy?

Generally, you should keep most insurance documents for at least as long as the policy is in effect or, if your policy has ended, until any still-open claims are settled.

Can I get money from lapsed life insurance policy?

When a life insurance policy lapses, the death benefit associated with the policy is terminated. This means that in the event of the policyholder's death, the beneficiaries will not receive any payout. Additionally, the accumulated cash value in certain policy types may also be forfeited.

How long can a life insurance policy go unclaimed?

The amount of time beneficiaries have to claim life insurance depends on state laws and the life insurance company itself. But typically, there is no time limit.

What is the two year rule for life insurance?

If you pass away in the first two years of your life insurance coverage, the insurance company has a right to contest or question your claim.

How long does someone have to be missing to claim life insurance?

When a person goes missing, the law generally requires a waiting period before they can be declared legally dead. This period is typically seven years in many jurisdictions, although it can vary. During this time, the life insurance policy cannot be claimed unless there is conclusive evidence that the person has died.

What happens if you don t name a beneficiary on a life insurance policy?

If no beneficiary is designated, or if beneficiaries can't or won't accept the death benefit, the funds go to the policyholder's estate and through probate. Keeping beneficiary designations up to date is crucial to ensure the death benefit is distributed according to the policyholder's wishes and avoids probate.

How to fill an indemnity bond for payout without an original policy document?

(hereinafter referred to as 'the Company') to me on <<_______________>>. I hereby declare that I have lost the original policy document issued for policy number <<____________>> (hereinafter referred as the said policy) and I do not possess or hold a duplicate policy document for the said policy.

How do I cash out my old life insurance policy?

There are three main ways to get cash out of your policy. You can borrow against your cash account typically with a low-interest life insurance loan, withdraw the cash (either as a lump sum or in regular payments), or you can surrender your policy.

What is the replacement rule in life insurance?

A replacement occurs when a new policy or contract is purchased and, in connection with the sale, you discontinue making premium payments on the existing policy or contract, or an existing policy or contract is surrendered, forfeited, assigned to the replacing insurer, or otherwise terminated or used in a financed ...

Is an original policy document required?

The original life insurance policy document is necessary for verification.

How do life insurance companies know when someone dies?

Many states require insurance companies to check the Social Security “Master Death File” for deceased policy holders and to try to notify their beneficiaries when they find a policyholder on that list.

How to find out if someone left you money after they died?

The National Association of Unclaimed Property Administrators' website www.unclaimed.org is an excellent resource. This association consists of state officials charged with the responsibility of reuniting lost owners with their unclaimed property.

What happens if someone doesn't claim life insurance?

The beneficiaries will never receive payment if they do not claim the life insurance benefits. The money can remain with the life insurance company for a certain period, but as you will see below, the life insurance company does not keep the money forever.

Can you get your money back if your life insurance lapses?

Some insurance policies include a nonforfeiture clause, which means that if you stop paying premiums, you still receive some sort of benefit. You can think of this as a lapsed policy refund. If your coverage lapses, the insurance company will refund part of your premium payments and/or pay you the policy's cash value.

What is the penalty for cashing out a life insurance policy?

Some policies will have a surrender fee in the case of cashing out an entire policy, while others may charge fees for partial surrenders. Other than that, there are no additional penalties or fees. The surrender fee is usually 10% to 20% but it can be as high as 35% to 40%. Check your policy contract.

Will an insured be allowed to reactivate a lapsed life insurance policy?

Reinstatement After Lapse

If you fail to make payments during the grace period or within the additional buffer time after the lapse, then you may still be able to seek reinstatement of your policy rather than having to purchase an entirely new policy.

What happens if you can t find original life insurance policy?

Contact the state's Unclaimed Property Office.

If you know (or can guess) the state where the policy was bought, you can search the state's unclaimed property database. The National Association of Unclaimed Property Administrators has a search tool that will take you to your state's unclaimed property database.

Can I throw away old insurance policies?

When you purchase a new policy upon renewing or switching companies, you can discard old policy paperwork once you receive the new documents. However, you should keep old insurance policies if there is an open claim or the possibility of an open claim.

Do you get money back if you outlive term life insurance?

Can you get your money back after your term life policy expires? Once your policy ends, you can't get back the premiums you paid unless you have a return of premium rider. This optional add-on lets you receive a refund of premiums if you outlive your policy term.