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How to Find an Unclaimed Life Insurance Policy?

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.

What is an unclaimed life insurance 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

What happens to unclaimed life insurance money?

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.

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How to find an unclaimed life insurance policy

There are several ways you can find an unclaimed life insurance policy, including:

Contact state officials

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

Contact the life insurance policyholder’s employers and financial advisors

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

Work with a third-party company

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

How long do beneficiaries have to claim life insurance money?

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

How to prevent unclaimed life insurance

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.

Learn more about life insurance

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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