The worst has happened; you've lost someone important in your life. And now you're afraid it's about to get worse. You can't find the life insurance policy and you really need that check. Or maybe you just think there might be a policy, but you're not sure, and you want to find out.

You’re not alone. An estimated $1 billion in North American insurance company payouts to beneficiaries is currently unclaimed. If you can't find a paper copy of the original policy, there are still some steps you can take to find a lost life insurance policy.

• First, check all paperwork of the deceased. Go through safe deposit boxes and safes, if any exist, and check address books for the name of any insurance agents. If you can't find the actual policy tucked away somewhere, look through bank statements, and canceled checks. You might find a premium payment to an insurance company.
• Next, find other insurers. If there are auto insurance and/or homeowners insurance policies, ask the agent if the deceased had life insurance through their company.
• Talk to any personal attorneys or financial advisers the person used. They may have records of any policies.
• If you find one life insurance policy but suspect there might be more, look at the application for the one in hand. It will usually be attached to the policy itself. It will contain a list of any other policies owned at the time of the application.
• If it's been some time since the death, check with the state. Insurance companies often turn over unclaimed benefits to the state comptroller's office after they've gone unclaimed for a specified amount of time.

A missing life insurance policy can often be found. But why put your loved ones through such an arduous task just to find a lost life insurance policy? If you have life insurance talk to your beneficiaries. Show them the policy, go over the details with them, and tell them exactly where to find it. You bought the policy because you want them protected. Make sure they can receive that protection when they need it.