Contract Unclaimed With Insurance
Description
How to fill out Contract To Locate Unclaimed Assets?
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FAQ
After a certain number of years (usually three, but each state has its own regulations), the unclaimed benefit money is turned over to the state in which the policyowner last lived. This transfer of property to the state is known as "escheat."
Contact the state's Unclaimed Property Office. If you know (or can guess) the state where the policy was bought, you can search the state's unclaimed property database. The National Association of Unclaimed Property Administrators has a search tool that will take you to your state's unclaimed property database.
Call the insurance company. They'll have to verify your identity and get a copy of the policyholder's death certificate (with Social Security number), but the claims process shouldn't be much more difficult than that. Online search service ? There are online services that specialize in unclaimed money.
What qualifies as an unclaimed amount? Unclaimed amounts include amount payable to policyholder as death claim, maturity claim, survival benefits, premium due for refund, or any such amount remaining unclaimed beyond six months from the due date for settlement of the claim amount.
What happens if a life insurance policy goes unclaimed? Each state has its own regulations, but typically after three years, unclaimed life insurance benefit money is transferred from the insurance company to the policyholder's last known state of residence.