Find Unclaimed Life Insurance Proceeds

For many decades it has been known within the insurance industry that there are hundreds of millions of dollars in unclaimed life insurance proceeds being held by insurers.     All life insurance companies have assets on their books that are the result of unclaimed death benefits.  As you would think, life carriers do not pay death benefits until someone files a claim- usually the beneficiary, executor or trustee. The companies are not obligated to try to find the beneficiaries of these orphaned funds, even if they know that a death claim is due. Often, the policy is old and there are no current addresses or phone numbers.  Many times only the deceased may have known of the policy or where it is located. 

In any event, there was no data base where you could find out if you were owed unclaimed life insurance proceeds,or if Grandpa had that large policy you heard about somewhere. Until now you had to call each insurance company to find a lost policy if you didn’t know who the issuer was. As a result of continuing pressure from federal and state officials this information is becoming available. Now, thanks to the Missouri Department of Insurance, this process has become very easy. 

If you think that you are a beneficiary, or an executor or legal representative, you can file a search request with the MO Dept. of Insurance.  They will need notarized forms and death certificates and then will canvas all insurers licensed to do business in the state.  Find out more on the Missouri Department of Insurance, Financial Institutions & Professional Registration (DIFP) website.

 By: Joe Arndt Pres., Arndt & Associates, 8124 Big Bend Blvd. St. Louis, MO 63119