Unclaimed Life Insurance Money
An estimated $7.4 billion in life insurance benefits goes unclaimed in the United States every year. Beneficiaries often don't know a policy exists — but the money can still be found and claimed.
Why Life Insurance Goes Unclaimed
Life insurance policies lapse unclaimed primarily because beneficiaries don't know the policies exist. A parent or spouse may have purchased a policy decades ago without informing family members. When the insured person dies, no one thinks to file a claim.
Other common reasons include policies purchased through former employers (group life insurance), annuity contracts with dormant accounts, and insurance companies that merged or changed names over the years.
When insurance proceeds go unclaimed, the insurer is required by law to turn the funds over to the state unclaimed property program after a set period. The NAIC estimates that more than $7.4 billion in benefits sits unclaimed across the country.
How to Find Unclaimed Insurance Benefits
- 1
Use the NAIC Policy Locator
Visit the free NAIC Life Insurance Policy Locator at naic.org. Submit a request with the deceased's name, SSN, and date of birth. Participating insurers must search their records and respond within 90 business days.
- 2
Search state unclaimed property databases
Insurance proceeds already turned over to the state appear in state unclaimed property databases. Search every state where the insured person ever lived or worked.
- 3
Contact the insurer directly
If you know or suspect a policy existed with a specific company, contact that insurer's claims department directly with the deceased's information.
- 4
Check employer records
Contact the HR department of former employers to ask about group life insurance policies that may have been in effect.
States with the Most Unclaimed Insurance Funds
States with large populations and major insurance company headquarters tend to hold the most unclaimed insurance proceeds:
Frequently Asked Questions
How do I find out if I'm a life insurance beneficiary?
Use the NAIC Life Insurance Policy Locator (missingmoney.com/naic) to search for policies where you may be a beneficiary. You can also check through your state's unclaimed property database, as unclaimed insurance proceeds are turned over to the state after a period of inactivity.
How long do insurance companies have to pay claims?
Most states require insurance companies to pay death claims within 30 to 60 days of receiving a completed claim and proof of death. If a beneficiary never contacts the insurer, the company must eventually turn those funds over to the state (typically after 3 to 5 years).
What is the NAIC Life Insurance Policy Locator?
The National Association of Insurance Commissioners (NAIC) offers a free Life Insurance Policy Locator service that allows consumers to search for life insurance and annuity policies of deceased individuals. Participating insurance companies are required to search their records and respond within 90 business days.
Can unclaimed insurance money be turned over to the state?
Yes. If an insurance company cannot locate a beneficiary and the policy proceeds go unclaimed, the insurer is required by state escheatment laws to turn those funds over to the state unclaimed property program. The money can be claimed at any time through the state's unclaimed property database.
How far back can I search for insurance policies?
There is no time limit on searching for insurance policies. You can search the NAIC Policy Locator and state unclaimed property databases regardless of when the policy was issued or when the insured person passed away. State unclaimed property programs hold funds indefinitely.