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 insured person has died.

How long before you can claim a missing life insurance policy?

The person needs to have been missing for a continuous specific amount of time, typically 7 years. There must be no reasonable explanation for the disappearance. For example, a fugitive from the law would not meet this requirement. There must be total absence of communication from the missing person during these years.

How does a missing person life insurance claim work?

A diligent search for the missing person needs to have been conducted. The beneficiary of a life insurance policy can then go to the insurance company with the court’s declaration. The insurance company will then pay out the death benefit proceeds under a rebuttable presumption of death.

How can I Find my Lost life insurance policy?

Even so, missing heirs can be difficult to find, due to name changes after marriage or divorce, an unreported change of address or expired postal forwarding order after a move, and incomplete or illegible records. Even if your insurance company no longer exists, payments of up to $300,000 are possible from state insurance guaranty associations.

Is there a way to find an unclaimed life insurance policy?

But little effort is made to locate lost heirs and they can be difficult to trace, due to name changes after marriage or divorce, an unreported change of address or expired postal forwarding order after a move. Demutualiztion Payments: In addition to unclaimed policy benefits, policyholders and heirs may be entitled to an unexpected windfall.

What can I do if my life insurance company no longer exists?

Even if your insurance company no longer exists, payments of up to $300,000 are possible from state insurance guaranty associations. If you have reason to believe a life insurance policy exists but have not received payment, go to Missing Life Insurance Policy Search