Find a Free Unclaimed Insurance Policy
If you suspect that a loved one’s life insurance but can’t find evidence in a law paper, bank investigation, or a dead file, you can try a free search on one of your state’s websites. Other types of insurance can also provide income or payments and these can also be included in the category of unclaimed assets.
Each state sets its own rules for how long property must lie dormant before being marked unclaimed. In most states, financial asset payments and unclaimed life insurance policies are marked unclaimed if they remain inactive for three to five years. During the period leading up to the time the asset is declared unclaimed, the company holding the asset should make a good attempt to bind the owner of the property.
Finding an Unclaimed Insurance Policy
Life insurance and health insurance policies may not be claimed when payments from such policies are lost. This can happen if the heirs or beneficiaries move and forget to note the shipping address or if their account remains inactive for several years.
Websites like MyUnclaimed.com help visitors find unclaimed funds and provide links to each of the 50 state offices where you can find unclaimed funds.
Example How to Search
Click on the state in which you live or live while you think insurance payments may be lost. While some websites promise a nationwide search, you may have a better chance of finding unclaimed insurance money if you can simplify your search to one or two countries.
Using New York as an example, the state operator’s office website has a convenient search box where you can type in your last name. Typing only the last name yields the most comprehensive results; everyone by the last name who had money owed to him came in search. Scanning down the list, you can easily see the name you are looking for and the company that owes the money. All types of unclaimed financial assets are listed from inactive bank accounts to life insurance payments and health insurance policies. The numbers aren’t listed, however, so don’t reach your expectations until you’ll be an instant millionaire if your name appears on the list.
Submitting a Claim
If you find a match with the name you are looking for, you will need to submit an inquiry and/or claim form. Again, each state varies in the way it handles the claim, but there are generally one or two steps, each aimed at proving that you have a legitimate right to the unclaimed money. You will need to prove that you are indeed the person listed as the owner of the unclaimed form and you will need to submit a legal form proving that you are entitled to claim the money. Common identification required includes a driver’s license, your social security card, proof of residence, and proof of your relationship with the company that lists the asset. For example, unclaimed health insurance payments,
What if you find money owed to someone in your family who has passed away? In this case, the legal heir or executor of the estate must complete a claim form. Be prepared to prove that you are indeed the heir and/or law enforcer and submit proof of identity such as your driver’s license. Each state may have slightly different requirements, so follow the procedures outlined in each state of unclaimed real estate websites.
Preventing Unclaimed Insurance
Performing a search for an unclaimed insurance policy for free and submitting accurate documentation takes time and can be problematic. It is better to prevent your assets from falling into the category of unclaimed assets in the first place.
Do:
- Keep files for each of your financial assets, such as your bank accounts, financial investments, and insurance policies.
- Provide a list of finance, investment, and insurance companies that you deal with on a regular basis to your executor or legal attorney.
- Send the change of address and delivery of the order to the post office if you are moving so that the insurance statement is sent to your new home.
- Keep an eye on any assets like safe deposit boxes, which can be easy to forget if you don’t use them often in your files.
The insurance company may not owe you or maybe thousands of dollars if you have an unclaimed insurance policy on file. Start your patience and exercise as it may pay off.
