Unclaimed Life Insurance Benefits

October 30, 2015

According to ConsumerReports.org, there are at least $1 billion in benefits in life insurance policies still waiting to be claimed. The average unclaimed benefit is about $2,000. In addition to other state unclaimed property, unclaimed life insurance benefits have typically fallen under the same guidelines – The Uniform Unclaimed Property Act.

The UUPA helps states deal with unclaimed intangible property – stocks, bank accounts, etc. – and helps determine when a piece of intangible property is considered abandoned, thereby figuring out how to determine the rightful beneficiary and transfer ownership. What the UUPA doesn’t address is to what extent the state (or in this case, the insurance company) needs to locate the beneficiary.

The National Association of Insurance Commissioners recently updated an article* on their site that talks more in-depth on the issue of unclaimed life insurance benefits and the challenge of creating some consistency on the state level.

As the article explains, there are a few state legislatures that will start requiring life insurance companies to not only use a database to determine if a policy holder has died, but also be required to attempt to locate beneficiaries. The article specifically mentions the Death Master File as a possible database that insurance companies could use and search as a means of data verification.

The Death Master File is a contested tool that is the center of an access and validity debate (a debate that at this time, unfortunately, doesn’t look to ending anytime soon). While LifeStatus360 certainly uses the DMF as one of its data sources, it is not, in our opinion, a reliable enough data source on its own.

Because LifeStatus360 uses a number of sources, including a proprietary tool, we ensure that the insurance industry has access to the best and most reliable data available. Utilizing the relational facet of fuzzy logic, LifeStatus360 produces a resulting Q-factor™ scores that provides a logical and rich view of what is happening with customers’ data. We have developed better technology to manage, process, present and secure our customers’ data.

For more information about LifeStatus360’s technology, contact Chris Scaramastra at ChrisS@LifeStatus360.com.

*National Association of Insurance Commissioners, Unclaimed Life Insurance Benefits, Updated September 24, 2015, http://www.naic.org/cipr_topics/topic_unclaimed_life_insurance_benefits.htm


  • Sandra Etters says:

    My uncle Elbert Thomas Oliver passed away last he had a policy make out to me that we can’t locate. I can’t remember if it was for 10,000 or 20,000. He last four digits are 5850.

  • Sandra Brown says:

    My mother died in 2002 and her husband has received a letter from a life insurance policy but he is not a beneficiary on it. His granddaughter called and verified that he was not. It would belong to either me or my sister or to both of us jointly.

    He will not provide information to us. The only reason that I know is that his snuck around and contacted me.

    How would I find out more information?

  • Daniel Ramsey says:

    My autistic friend’s husband died and she doesn’t know how to collect the insurance money.

  • Daniel Ramsey says:

    Please helP

  • Don Bowers says:

    Checking for unclaimed money for Edith and or Lawrence Bowers New Madison Ohio 34346

  • debra gilmore says:

    thank you for assist

  • Adam Eugene Fulkerson says:

    I was told my father AG FULKERSON left a life insurance policy, but no information other than that.

  • Kenneth Montgomery says:

    hunting for unclaimed death policy

  • kristi adams says:

    My father had a will and life insurance policy beside the policy shared between family members he had a will and seperate policy for my self and sons and my family says tgat it has been cashed out .250 thousand dollars and he had nothing of value id like to verify thefes no will amd no seperate policy

  • My parents are deceased.
    There are life insurence installments in past checking accounts and bank accounts. I am only son and would like to know if they exsist and can be recovered.

  • Shawn noeltner says:

    I need help with finding out if the policies I came across from my parents are worth anything

  • Clarence Jones says:

    I am looking for any unclaimed life insurance that my be too me thank you.

  • Maria Lerman says:

    Life insurance policies for either Anastas Dimovich or William Dimovich. I am the executor of the estates.

  • Vicky L Bartlett says:

    Trying to claim my life insurance policy.

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