If you're trying to find out if someone has life insurance in Australia, there are a few ways to go about it. Perhaps you're an executor of a will, or you suspect that a loved one may have had a life insurance policy but didn't leave any documentation. Whatever your reason, knowing how to find out if someone had life insurance can be important.
Finding out if someone has life insurance can be a complex and challenging process. However, with the right information and resources, you can streamline your search and find out what you need to know. You can learn about what to do when looking for a life insurance policy and how to claim it right here with Savvy.
What is unclaimed life insurance?
Unclaimed life insurance in Australia refers to life insurance policies that have not been claimed by the beneficiaries after the policyholder's death. This can happen for various reasons, such as the beneficiaries not being aware of the policy's existence or the policyholder not informing them of it before their death. The unclaimed funds are held by the life insurance company for up to seven years. However, if no claim is made, they’re transferred to the Australian Securities and Investments Commission (ASIC).
ASIC estimates that there are billions of dollars in unclaimed money across various financial products, including life insurance policies. In an effort to reunite these funds with their rightful owners, the Australian Government maintains a register of unclaimed money. This register includes unclaimed life insurance policies and other financial products and individuals can search the register to see if they or a loved one have any unclaimed funds.
How do I find out if someone has an unclaimed life insurance payout in Australia?
To find out if someone has an unclaimed life insurance payout in Australia, you can follow these simple steps:
- Check the Australian Government's unclaimed money register: the unclaimed money register is a database of unclaimed money that includes unclaimed life insurance payouts. You can search for unclaimed money by entering the person's name and other details such as their address or date of birth.
- Contact the person's life insurance company: if you know which life insurance company the person had a policy with, you can contact them to find out if there is an unclaimed payout.
- Check the person's financial records: if you have access to the person's financial records, you may be able to find evidence of a life insurance policy. Look for records of premium payments, correspondence from life insurance companies or evidence of a policy being taken out.
- Seek professional help: if you’re having difficulty finding out if someone had an unclaimed life insurance payout, you may wish to seek the assistance of a professional, such as a solicitor or financial advisor.
It's important to note that there may be time limits on claiming an unclaimed life insurance payout, so it's best to start your search as soon as possible.
How do I claim an unclaimed life insurance payout?
Claiming an unclaimed life insurance payout in Australia is a process requiring you to undertake a few steps. These are:
- Confirm your OTN: if you search ASIC’s unclaimed money register and find funds in your name or the name of a loved one, be sure to make a note of your Original Transaction Number (OTN).
- Contact the insurer: once you work out which insurer the policy was with, you can get in contact with them to commence the process of obtaining the lost funds.
- Provide documentation: you’ll need to prove who you are and your relationship to the policyholder to gain access to the funds, with different insurers having their own process in terms of the information required.
- Have your claim assessed: once you’ve done everything on your end, you’ll have to wait for your insurer to assess the claim and determine whether to release the funds to you. Should your claim be approved, the funds will be released to you by ASIC.
It's important to note that unclaimed life insurance policies may have a time limit for making a claim, so it's important to act quickly and seek advice from a financial adviser or lawyer if necessary.
