What to Do If You Lose Your Insurance Documents

Life Insurance Payouts

Life Insurance Payouts

We all work hard and save every penny to buy an insurance plan for the family’s financial security. However, the single way to get funds in times of need is by providing the policy documents to the insurance company. The documents are proof of an insurance plan. Imagine an unfortunate scenario wherein you lose the documents. What actions will you take now?

No matter how cautious you are, it could be possible that you lose the documents. If you have not purchased the insurance online, you might face difficulty in getting a copy of your policy; however, you can get a duplicate copy of the policy. Do not panic and remember the guidelines mentioned below to get your lost insurance policy documents.

  1. File a police complaint

Filing a police complaint will be helpful when you contact the insurer for a duplicate copy. You need to present a copy of the police complaint to provide the authorities for life insurance policy search.

  1. Advertise

You will have to publish two advertisements; one in an English newspaper and the other in a local newspaper, which is widely circulated in the state where the documents were misplaced, stating about the lost insurance policy. You need to publish the advertisement, bear the cost for it, keep a copy of the same, and show it to your insurer a month after its appearance in the newspapers.

  1. Contact the insurance company

You now need to give a written application to your insurer about the lost insurance documents. Provide complete details about your name as on the policy documents, date of issue, and policy number, among other information. You need to submit a copy of your police complaint with it. An insurance company will ask for reasons due to which you lost life insurance policy.

  1. Execute an indemnity bond

At the final step, you will be required to execute one indemnity bond. You need to get it affirmed from a notary informing to indemnify the insurance company if the claim is filed by another individual other than you and your nominee. Based on the state where you reside and the insurance company, you might be required to pay a charge and probably a stamp fee to get a duplicate copy.

After you complete the procedure and the insurance company has everything in place, it will provide you with a copy of the lost insurance policy documents. The documents will have ’duplicate’ displayed on it at the top. Now that you know how to get duplicate insurance copy, you need to follow the above-mentioned steps and ensure that you scan the documents to access it in the future at any time.

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