How do you find out if someone has a life insurance policy one?

Answer 1

• If you feel that someone has fraudulently placed an insurance policy on you, please contact the Medical Information Bureau by going to www.mib.com. They have a fraud investigation department.

• The only way someone can have a life insurance policy on you is if you signed an application giving your consent. Other than this, your parents might have taken out a policy on you before you were old enough to purchase one yourself; the age varies by jurisdiction. If this is the case, then they wouldn't have needed your signature.

While the foregoing is true and provides basic guidance, some of the points deserve more discussion.

A life insurance policy is issued pursuant to an application. The application can be submitted by you (usually through an agent), or, if the proposed insured is a minor, by a parent. I gather from your question that you did not yourself apply, so a likely applicant may be one or both of your parents. If you can determine if they did apply for a policy, see if they recall either the identity of the insurer or of the agent/broker. There would have been paperwork involved, and likely canceled checks. You can then trace back to see whether a policy was issued, when, what type, and other salient information.

Not all applications result in the issuance of policies (for example, if underwriting guidelines are not met). Also, even if a policy was issued, it may have been canceled for non-payment of premium or otherwise. Again, if you can identify the insurer or the agent/broker, you can get further specifics.

The reference to "insurable interest" gets a little more complex. Essentially, the concept means that the person applying for the policy has to have a "stake" in the continued life of the person insured. The "stake" can be anything from "love and affection" (such as why parents are deemed to have an insurable interest in a child's life, or a spouse in the other spouse's life), to a financial or commercial stake (subject to State statutory and interpretative case law).

Answer 2

While the first short answer is true and provides basic guidance, some of the points deserve more discussion.

A life insurance policy is issued pursuant to an application. The application can be submitted by you (usually through an agent), or, if the proposed insured is a minor, by a parent. I gather from your question that you did not yourself apply, so a likely applicant may be one or both of your parents. If you can determine if they did apply for a policy, see if they recall either the identity of the insurer or of the agent/broker. There would have been paperwork involved, and likely canceled checks. You can then trace back to see whether a policy was issued, when, what type, and other salient information.

Not all applications result in the issuance of policies (for example, if underwriting guidelines are not met). Also, even if a policy was issued, it may have been canceled for non-payment of premium or otherwise. Again, if you can identify the insurer or the agent/broker, you can get further specifics.

The reference to "insurable interest" gets a little more complex. Essentially, the concept means that the person applying for the policy has to have a "stake" in the continued life of the person insured. The "stake" can be anything from "love and affection" (such as why parents are deemed to have an insurable interest in a child's life, or a spouse in the other spouse's life), to a financial or commercial stake (subject to State statutory and interpretative case law).

Answer 3

Discuss it with them while they are alive. While that may sound like a flippant response it isn't intended that way.

Insurance policies can serve many purposes. Consider permanent insurance. Depending on circumstances, these policies may act as a very effective tool for estate planning. Let's go full circle. Considering that one is attempting to do plan, they would certainly want to communicate to the beneficiaries the tools in place. A smart-aleck statement? No. But it was an attempt to grab your attention and consider the question in another way.