| 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 companies. (
For more information
on demutualization go to:
Demutualization Compensation Search
)
Most state statutes don't presume abandonment of 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, and virtually no effort is
made to find lost beneficiaries. Generally it is the job of the beneficiary
to notify the insurer of a policy owner's death.
Some further
investigation, therefore, is often necessary to trace and recover a lost
life insurance policy or unclaimed life insurance benefit. If you have
reason to believe a policy existed but haven't received payment,
initiate an unclaimed property search and follow up with major
underwriters directly. Go to
Unclaimed Life
Insurance Policy Search for assistance.
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