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Unclaimed Life Insurance - Unpaid Benefits

find unclaimed property United Kingdom

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The Association of British Insurers acknowledges "hundreds of millions of pounds" are tied up in unclaimed insurance policies. In addition to life insurance, often forgotten are endowment policies. Thousands of homeowners take out takeout this type of insurance in conjunction with a mortgage, but when the property is transferred the policy is often forgotten.

Once a policy has matured, the insurer retains it's underlying value until a claim is made. Interest continues to accrue, although not necessarily at the market rate.

As in the U.S., British underwriters have faced criticism for not making enough of an effort at owner reunification. In response Aon Services (, the world's second largest insurance broker, is in the process of assembling a national database of unclaimed insurance policies (as well as pensions, national savings and dormant bank accounts, unclaimed shares and dividends). The system is in the early stages of development, and currently provides mostly manual searches.

Unlike most U.S. missing owner databases, the Unclaimed Assets Register is fee-based, with search charges currently running 3.95 for Premium Bonds, 10 for National Savings Accounts, 12 for pensions, and 15 to search for unclaimed life-assurance policies. A search of the entire register costs a healthy 35; but UAR says it will donate "a percentage" of the search fees to major UK charities.

Because of the expense and the fact the UAR database includes assets held by only a relatively small number of financial institutions, we recommend it be used only after other search alternatives are exhausted.

For details contact: Unclaimed Asset Register (UAR), Lloyds Chambers, 1 Portsoken Street, London E1 8DF; 0870 241 1713. (The company's website - - contains a search form, however it must be printed and mailed to the company.)

The Association of British Insurers: 51 Gresham Street, London EC2V 7HQ; 0171 600 3333 can provide phone numbers and addresses of all major underwriters. They can also advise on name changes that have occurred over the years. The Nationl Association of Bank and Insurance Customers: 01291 430 009 may be able to assist with searches for a nominal fee.