| Life insurance companies are among the largest
holders of unclaimed money. More than one-quarter
of all life insurance policy benefits - worth hundreds of millions of
dollars - go unclaimed and unpaid on death of the insured, due to long
dormancy periods and because family members aren't always aware a policy
exists.
In addition, millions of current and former
MetLife, John Hancock and
Prudential policyholders and heirs
are entitled to receive stock, policy credits and/or cash
payments in addition to unclaimed policy benefits, as a result of the
recent demutualization
of these underwriters.
Most state statutes don't presume abandonment of life
insurance benefits until some number of years after the insured would
have attained the limiting age under the mortality table on which
reserves are based, typically 100-115 years. There is no central
repository or clearinghouse for unclaimed life insurance policies.
Generally it is the job of the beneficiary to notify the insurer of a
policy owner's death, , and little effort is made to find lost
beneficiaries or family members entitled to make claims.
Some further
investigation, therefore, is often necessary to trace and recover a lost
life insurance policy or unclaimed life insurance benefits. If you have
reason to believe a policy existed but haven't received payment,
go to
Unclaimed Life
Insurance Policy Search
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