Find a Missing Life Insurance Policy

Because it is the responsibility of beneficiaries to notify the life insurance company of a policy owner’s death, more than one-quarter of all life insurance policy benefits go unclaimed. Family members simply aren’t aware a policy exists, or don’t know how to find it.

A recent government audit found most life insurance companies make little effort to trace or track down lost heirs, even when it is known the policy holder is deceased. And missing heirs can be difficult to find, due to name changes after marriage or divorce, an unreported change of address or expired postal forwarding order after a move, and incomplete or illegible records. Estimates exceed $1 billion in unclaimed life insurance payouts among the major underwriters.

Policyholders may also be entitled to an unexpected windfall. As a growing number of mutual life insurance companies – including MetLife, John Hancock, Prudential and others – have converted to stock ownership, millions of current and former policyholders and heirs are entitled to receive stock and cash, in addition to policy benefits.

When John Hancock demutualized, it did not have current addresses for 400,000 policyholders. Prudential could not locate 1.2 million lost policyholders, and 60 million shares of MetLife stock arising from its demutualization went unclaimed. By law, unclaimed policy benefits and demutualization compensation are held in trust until claimants come forward.