A life insurance policy is unclaimed when the insured person passes away and the named beneficiary does not claim the death benefit from the policy. Unclaimed life insurance policies also exist because the insurance company simply doesn't know that the policyholder has died.
According to a study by Consumer Reports, 1 out of every 600 people is the beneficiary of an unclaimed life insurance policy, with an average
Tell the beneficiaries of your life insurance (both individual
If a life insurance company knows that an insured client has died but can't find the beneficiary, it must turn the death benefit over to the state in which the policy was purchased as “unclaimed property.” A good place to start is the National Association of Unclaimed Property Administrators.
► Unclaimed Life Insurance Policies Life insurance companies are among the largest holders of unclaimed assets and missing money. Generally it is the responsibility of beneficiaries to notify insurers of a policy owner's death. If a claim is not made until some years after death, accrued interest is added.
There is over $1 billion in unclaimed life insurance from forgotten or lost policies. Learn to see if you are one of those who is leaving money on
It is the responsibility of beneficiaries to notify the life insurance company when a policy owner dies. One-in-four life insurance policies go unpaid on death of the
Because it is the job of beneficiaries to notify the life insurance company of a policy owner's death, it's estimated more than one-quarter of all life insurance policy
Family members may not know they're listed as beneficiaries on a policy.
How to find lost life insurance. States marked with an asterisk (*) offer a free lost policy search. What Happens To Insurance Benefits That Go Unclaimed? locate the beneficiary before being required to submit the unclaimed insurance to