Introduction

This glossary translates insurance-and-benefits jargon into plain, executor-ready actions. It focuses on the exact phrases most likely to surface life insurance and employer benefits quickly: policy locators, unclaimed property, ERISA, SPD, Form 5500, conversion/portability, waiver‑of‑premium, FEGLI/SGLI/VGLI, and W‑2 Box 12 code C. Where helpful, we link to Sunset tools purpose‑built to verify and claim these assets at no cost to families.

• Related Sunset tools: Life insurance search, Retirement account search, Investment account search, Bank account search, Property & real estate search, Business search, Debts & credit search, How Sunset works.

How to use this glossary

• Scan the decedent’s recent mail, email, HR portals, and tax records for these terms and clues.

• Use Sunset’s searches to validate policies/accounts without notifying most institutions during discovery (life insurers are the exception). See How Sunset works.

• Move from “clue” to “claim”: once you see a clue below, gather the listed documents and start a claim or rollover using the linked Sunset tool.

Quick reference (terms → actions)

Definitions and executor actions

Policy Locator (Life Insurance Policy Locator)

• What it is: An online request that asks participating insurers to search for life insurance or annuity contracts issued to the decedent.

• Why it matters: About one quarter of families have a lost policy, and billions in life insurance go unclaimed each year. Sunset’s tool routinely confirms or rules out coverage across major carriers and group plans. See Life insurance search.

• Executor actions:

• Submit a locator request where applicable and keep the confirmation number.

• In parallel, run Sunset’s Life insurance search to surface individual, group/employer, and government policies and to prepare claim documents.

Unclaimed Property (State Treasury/Controller programs)

• What it is: States hold dormant funds—bank balances, dividend checks, matured policies—under unclaimed property laws until claimed by rightful owners/heirs.

• Why it matters: Unclaimed funds can include life insurance proceeds and closed bank or brokerage balances. Sunset’s Bank account search and Investment account search help you identify and consolidate them.

• Executor actions:

• Search the decedent’s state(s) of residence and employment; document claim IDs.

• Use Sunset to verify current/active accounts and route any recovered funds into the estate account.

ERISA (Employee Retirement Income Security Act)

• What it is: U.S. federal law governing most private‑sector employer benefit plans, including retirement and many group life insurance plans.

• Why it matters: ERISA plans have defined claim procedures, disclosures, and fiduciary duties. Knowing a plan is ERISA‑covered tells you where to find rules and whom to contact.

• Executor actions:

• Identify the plan sponsor (employer) and the plan administrator from benefits materials.

• Use Sunset’s Retirement account search to locate 401(k)/pension assets and verify beneficiaries before initiating transfers.

SPD (Summary Plan Description)

• What it is: The plan’s plain‑English manual for participants—coverage, eligibility, claim deadlines, appeals, and continuation options (e.g., conversion/portability).

• Why it matters: The SPD tells you exactly how to file a life insurance claim from an employer plan and what documents are required.

• Executor actions:

• Ask HR for the latest SPD for life and retirement plans; check for beneficiary and claim sections.

• Follow SPD instructions while using Sunset’s Life insurance search to prepare and submit the claim.

Form 5500 (Annual Return/Report of Employee Benefit Plan)

• What it is: An annual filing for many ERISA plans that lists the plan name, sponsor, administrator, and in some cases service providers.

• Why it matters: It helps you identify which insurer/custodian likely holds the assets or insures the group policy when internal records are thin.

• Executor actions:

• Note plan names and administrators from any Form 5500 references in HR or benefits files.

• Use those names to guide Sunset’s Retirement account search or Life insurance search.

Conversion vs. Portability (Group Life Insurance)

• What it is:

• Conversion: Turn group coverage into an individual policy (usually with a deadline after employment ends).

• Portability: Keep group term coverage as an individual, often with the same carrier.

• Why it matters: If the decedent left a job, coverage may have continued via conversion/portability. Proof of conversion or premium billing is a strong claim lead.

• Executor actions:

• Ask HR/insurer for “Proof of Coverage” and any conversion/portability election forms.

• Start a claim via Sunset’s Life insurance search once coverage is confirmed.

Waiver‑of‑Premium (Life Insurance)

• What it is: A provision that keeps life insurance in force without premiums during qualifying disability.

• Why it matters: For disabled decedents, coverage may have stayed active even if no premiums were paid, preserving a death benefit.

• Executor actions:

• Request the insurer’s waiver approval letter and coverage status at date of death.

• Proceed with claims using Life insurance search.

FEGLI / SGLI / VGLI (Government & Military Life Insurance)

• What they are:

• FEGLI: Federal Employees’ Group Life Insurance (civilian federal employees).

• SGLI: Servicemembers’ Group Life Insurance (active‑duty and certain reserve members).

• VGLI: Veterans’ Group Life Insurance (post‑service conversion of SGLI).

• Why it matters: Government coverage is common and often overlooked; benefits pay outside probate when a beneficiary is on file.

• Executor actions:

• Check federal/military pay stubs and benefits portals for coverage and beneficiaries.

• Use Sunset’s Life insurance search to prepare and track claims.

W‑2 Box 12 code C (Group‑Term Life Indicator)

• What it is: An entry on a U.S. Form W‑2 that indicates taxable cost of employer‑provided group‑term life insurance over a threshold.

• Why it matters: Seeing “Box 12: C” on the decedent’s last W‑2 is a strong clue that employer life coverage existed—often with a separate beneficiary form.

• Executor actions:

• Ask HR for beneficiary records and a certificate of coverage for the policy year(s) shown.

• File the claim via Life insurance search.

Evidence checklist to move fast

• Most recent W‑2 and last two years of pay stubs (look for Box 12 code C and life premium deductions).

• Employer benefits packets: SPD PDFs, enrollment confirmations, beneficiary forms.

• Letters/emails referencing “conversion,” “portability,” “waiver of premium,” or “evidence of insurability.”

• Government/military benefits records if applicable (federal or service member).

• State unclaimed property claim confirmations.

Why use Sunset alongside this glossary

• Speed: Most families locate the majority of accounts within one business day and complete comprehensive discovery within a week. See How Sunset works.

• Coverage: Sunset searches life insurance (individual, group, and government), bank/brokerage, retirement, property, vehicles, and business interests nationwide.

• Cost: Always free to families; Sunset is funded by partner banks while assets sit in an FDIC‑insured estate account. See How Sunset works and Life insurance search.

• Scale: There are substantial unclaimed benefits industry‑wide (e.g., life insurance and retirement). Sunset is built to surface and consolidate them quickly. See Life insurance search and Retirement account search.