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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.
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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.
Get StartedThere 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.
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1 HelpAdvisor – What Happens to Unclaimed Life Insurance? Updated April 20, 2023. Accessed June 27, 2024. https://www.helpadvisor.com/insurance/what-happens-to-unclaimed-life-insurance.
2 Policygenius - The Unclaimed Life Insurance Benefits Act: What You Should Know. Updated February 8, 2024. Accessed June 27, 2024. https://www.policygenius.com/life-insurance/unclaimed-life-insurance-act/.
3 Bankrate - How to Track Unclaimed Life Insurance. Updated July 17, 2023. Accessed June 27, 2024. https://www.bankrate.com/insurance/life-insurance/track-unclaimed-life-insurance/.
4 Investopedia - How Long Does a Beneficiary Have to Claim on a Life Insurance Policy? Updated July 23, 2023. Accessed June 27, 2024. https://www.investopedia.com/how-long-does-a-beneficiary-have-to-claim-a-life-insurance-policy-5075605.
Coverage 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: In Arkansas, Idaho, Oklahoma, & Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. In New York, NY68100-NY68400. In Virginia, Policies ICC0965JTO & ICC0965JWO. 65000: In VA, Policies ICC0965JTO & ICC0965JWO. B61000: In AR, ID, OK, & VA Policies: ICC18B61JWO & ICC18B61JTO. In DE, Policies B61JWO, B61JTO. B6000: In AR, ID, OK, PA, TX, & VA, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q6000 Whole: In AR, DE & OR, Policy Q60100M. In ID Policy Q60100MID. In OK, Policy Q60100MOK. Q6000 Term: In DE, Policies Q60200M. In AR, ID, OK, Policies ICC18Q60200M, ICC18Q60300C, ICC18Q60400C.
Coverage is underwritten by Tier One Insurance Company.
Final Expense: Arkansas, Delaware, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22. Aflac Final Expense policies are not available in New York.
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. Tier One Insurance Company is part of the Aflac family of insurers. In California, Tier One Insurance Company does business as Tier One Life Insurance Company (Tier One NAIC 92908).
This is a brief product overview only. Coverage may not be available in all states including but not limited to DE, ID, NJ, NH, NM, NY, or VA. Benefits/premium rates may vary based on plan selected. Optional riders are available at an additional cost. The policy has limitations and exclusions that may affect benefits payable. Refer to the policy for complete details, limitations, and exclusions. For costs and complete details of the coverage, please contact your local Aflac agent.
The content herein is provided for general informational purposes and is not provided as tax, legal, health or financial advice for any person or for any specific situation. Employers, employees and other individuals should contact their own advisers about their situations. 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.
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Aflac New York | 22 Corporate Woods Boulevard, Suite 2 | Albany, NY 12211
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