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If your loved one has passed away and you believe you might be a beneficiary on their life insurance policy, rest assured that there are many ways to find out. By doing some investigative work, you could receive the benefits that you might be entitled to. Let’s dive deeper into how unclaimed life insurance works and what you can do to locate a loved one’s policy.
An unclaimed life insurance policy occurs when a policyholder passes away, and the named beneficiary doesn’t claim their payout or death benefit. This may be because the beneficiary forgets to file a claim, isn’t aware they’re a beneficiary, or becomes estranged from the policyholder. It might also be the result of inaccurate or incomplete information that makes it difficult for the insurer to track down the beneficiary.1
Each state has unique laws that dictate what happens to unclaimed life insurance payouts. In many cases, however, the proceeds of the life insurance policy plus any interest earned get sent over to the policyholder’s state after a certain number of years.2
Named beneficiaries can then collect their unclaimed payout via the state treasury. Since unclaimed property laws vary by state, it’s a good idea to familiarize yourself with how they work where you live.
Don’t wait until it’s too late. Help cover yourself and your family with coverage from Aflac.
There are several ways you can find an unclaimed life insurance policy, including:
Try contacting your state’s insurance department to find your loved one’s life insurance policy. Keep in mind that the policyholder may have purchased a policy in a different state than the one they passed away in, so remember to check any previous states the deceased has lived in.3
Did the deceased work with a financial professional, like an accountant, insurance agent, or financial planner? If so, you may want to reach out to them and ask if they have any knowledge of a life insurance policy. It’s also smart to check with your loved one’s former employers.3
There are several third-party companies that might be able to help you find an unclaimed life insurance policy. You can contact the National Association of Unclaimed Property Administrators or the National Association of Insurance Commissioners to find out if you’re owed any funds.2
The amount of time beneficiaries have to claim life insurance depends on state laws and the life insurance company itself. But typically, there is no time limit. Once a beneficiary files a claim, however, an insurance company typically takes several weeks to a month to process it and distribute the payout.4
Policyholders should do their part to help prevent unclaimed life insurance money. If you’re covered by a life insurance policy, be sure to let your beneficiaries know. Share details with them about the policy, including the insurance company, policy number, and coverage number. Additionally, keep any life insurance documents in a secure place so that your loved ones may be able to access them when necessary.
Life insurance offers a way to help protect your family financially in the event that you unexpectedly pass away. But it won’t do you any good if your loved ones aren’t aware of your policy and don’t claim the payout. That’s why you should ensure loved ones know that they’re your named beneficiaries so they can receive the money.
If you’re in the market for a life insurance policy, consider term and whole life insurance from Aflac. Our policies come with enhanced, portable coverage that can help give you peace of mind. Start chatting with an agent and get a quote today to learn more.
1 HelpAdvisor – What Happens to Unclaimed Life Insurance? Updated April 20, 2023. https://www.helpadvisor.com/insurance/what-happens-to-unclaimed-life-insurance. Accessed April 25, 2023.
2 Policygenius - The Unclaimed Life Insurance Benefits Act: What You Should Know. Updated December 1, 2021. https://www.policygenius.com/life-insurance/unclaimed-life-insurance-act/. Accessed April 25, 2023.
3 Bankrate - How to Track Unclaimed Life Insurance. Updated July 29, 2022. https://www.bankrate.com/insurance/life-insurance/track-unclaimed-life-insurance/. Accessed April 25, 2023.
4 Investopedia - How Long Does a Beneficiary Have to Claim on a Life Insurance Policy? Updated April 20, 2022. https://www.investopedia.com/how-long-does-a-beneficiary-have-to-claim-a-life-insurance-policy-5075605. Accessed April 25, 2023.
Coverage is underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York.
68000 series: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. In New York, NY68100-NY68400. B60000 series: In Arkansas, Idaho, Oklahoma, Pennsylvania, Texas, & Virginia, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q6000 group whole life series: In Arkansas, Policy Q60100CAR. In Delaware, Policy Q60200M. In Idaho Policy Q60100CID. In Oklahoma, Policy Q60100COK. In Oregon, Policy Q60100COR. In Texas, Policy Q60100CTX. Q60000 group term life series: In Delaware, Policies Q60200C. In Arkansas, Idaho, Oklahoma, Oregon, Texas, Policies ICC18Q60200C, ICC18Q60300C, ICC18Q60400C. 65000 series: In Virginia, Policies ICC0965JTO & ICC0965JWO. B61000 series: In Arkansas, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies: ICC18B61JWO & ICC18B61JTO.
Aflac Final Expense insurance coverage is underwritten by Tier One Insurance Company, a subsidiary of Aflac Incorporated and is administered by Aetna Life Insurance Company.
The life insurance policy described herein contains an optional Accelerated Death Benefits Rider that is intended for favorable tax treatment under Section 101(g) of the Internal Revenue Code. Aflac does not give legal or tax advice. Please consult with a qualified legal, tax, and accounting advisor before engaging in any transaction. In AR, AZ, ID, OK, OR, PA, TX and VA: Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22.
Receipt of accelerated death benefits may affect eligibility for public assistance programs. Benefits may also be taxable, and are not expected to receive the same favorable tax treatment as other types of accelerated death benefits that may be available.
This is a brief product overview only. Coverage may not be available in all states, including but not limited to DE, ID, NJ, NM, NY or VA. Benefits/premium rates may vary based on state and plan levels. Optional riders may be available at an additional cost. Policies and riders may also contain a waiting period. Refer to the exact policy and rider forms for benefit details, definitions, limitations and exclusions. For complete details, including availability and costs, please contact your local Aflac agent.
Content within this article is for informational purposes only and does not constitute legal, tax, accounting or medical advice regarding any specific situation. Aflac cannot anticipate all the facts that a particular employer will have to consider in their benefits decision-making process. This article contains a general overview and is not intended to portray any specific benefits or details of Aflac policies.
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