First you should get your hands on a paper copy of the policy. If you can’t find it, then some detective work may be necessary, especially if the person covered is dead. Look through the financial records, paid bills or credit card statements, or check with the employer to see if there might be a policy.
Once you get the policy, look on the first page to find the life insurance company or agency that sold the policy. Then contact the insurance company to see if the policy is in force or was in force at the time of death. They can tell you if there is any cash value or death benefit available. Whole life or similar policies are more likely to have cash value, but a death benefit may be available. No matter when you find that policy, if it was in force at the time of death you can collect on it, even decades later.
Hi Nicholas,
If it was term life insurance, it would have expired since the premium would no longer have been paid, in which case the insurance company keeps the money. If it was a whole life policy, the premiums would continue to be paid from the balance in the account until it ran out. If this is what you had, you should check with the plan administrator at Hughes.