According to the Canadian Life and Health Insurance Association, 22 percent of the people who request a search for lost life insurance policies find one and in about 25 percent of those case the policies had actually been surrendered for their cash value.
The search is free to undertake but there is a time limit. You only have a window off three months to two years following the death of the potentially insured to conduct the search. In order to avoid hunting for a life insurance policy when you loved one dies, make sure they know what life insurance policies are still active in their lives and that you know too.
When it's time to finally make the life insurance claim there are few things you will need to prove that the death of the insured has actually occurred:
The original death certificate of the policy holder need a certified copy
An additional document proving you are the beneficiary.
A working knowledge of the policy so you know your options for payment.
Once all of the appreciate documentation is collected each beneficiary will need to fill out their own individuals proof of claim form to the death certificate and you will receive your pay out in about a week. In the event that there are multiple life insurance policies naming you beneficiary make sure you do your research because unless a claim is made, these policies will not pay out
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