Lexi Webster
In Australia, there is an estimated $1.5 billion in unclaimed money from bank accounts, shares, investments, and life insurance policies. If you're trying to find a lost life insurance policy, there are several ways to go about it. You can start by checking the Australian Government's unclaimed money register, which includes unclaimed life insurance policies. If you know which insurance company issued the policy, you can contact them directly. You can also try searching online or reviewing the deceased's bank statements and email correspondence for any indications of a life insurance policy. Additionally, you can use the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator, a free online tool that helps connect consumers with their deceased loved ones' lost life insurance policies.
| Characteristics | Values |
|---|---|
| Total unclaimed money in Australia | $1.5 billion |
| Organisation that holds the unclaimed funds | Australian Securities & Investments Commission (ASIC) |
| Where to search for unclaimed money | ASIC unclaimed money register |
| Where to find contact details of the insurer | ASIC |
| Where to find lost life insurance policies in Australia | Council of Australian Life Insurers |
| Where to find information on a specific policy | Contact the insurer directly |
| Documents required to request access to the policy | Death certificate and proof of relationship to the deceased |
| Database used by insurance companies to exchange information about customers | MIB's Policy Locator Service |
| Database cost | $75 |
| National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator (LIPL) | Free online tool |
| Where to find lost superannuation | Register for the Australian Taxation Office's online services on myGov |
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What You'll Learn
Check the Australian Government's unclaimed money register
The Australian Securities and Investments Commission (ASIC) is the organisation that holds unclaimed funds until the rightful owners claim them. There is an estimated $1.5 billion in unclaimed money in Australia from bank accounts, shares, investments, and life insurance policies.
ASIC has a helpful online search facility for unclaimed money. If you think you may be owed money from an unclaimed life insurance policy, you can make a search on the ASIC unclaimed money register. If you find your name or the name of a family member, there might be money that you can claim.
Life insurance companies need to report unclaimed money to ASIC every year. When nobody claims the benefit, ASIC transfers the funds to the Commonwealth of Australia Consolidated Revenue Fund. This makes it easy to find the payout on the government's unclaimed money search tool.
You can also search for lost super in Australian Taxation Office online services through myGov. The State Revenue Office also has a register for unclaimed money from lost bank accounts, shares, investments, and life insurance policies.
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Search the Council of Australian Life Insurers
The Council of Australian Life Insurers (CALI) is a good place to start when searching for a lost life insurance policy. CALI maintains a database of all life insurers operating in Australia and provides contact information for each insurer on its lost insurance policies page.
When contacting any insurer, be prepared to provide personal details of the deceased, such as their home address. Additionally, be aware that life insurance companies are required to report unclaimed money to the Australian Securities & Investments Commission (ASIC) annually. After seven years of a policy being payable and unclaimed, ASIC transfers the funds to the Commonwealth of Australia Consolidated Revenue Fund. This means that if you are searching for an old policy, it may be held by ASIC, and you can search for it on the government's unclaimed money search tool.
To begin your search with CALI, you can visit their website and navigate to the lost insurance policies page. From there, you can find the contact information for the relevant insurer and reach out to them directly. It is helpful to have as much information as possible before contacting the insurer, as they may request documentation or specific personal details.
If you are unsure where to start or are struggling to find the necessary information, it may be beneficial to contact a financial adviser or the Financial Services Council (FSC). The FSC can provide contact details for its members, so you don't have to search for them individually. Additionally, you can try searching online or asking family members and employers for any information they may have.
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$46.05 $83
Contact the insurer directly
If you know the name of the insurance company, you can contact the insurer directly to enquire about a lost policy. This is a straightforward way to find out if you are a beneficiary and to get the information you need to file a claim. The insurer will have all the relevant information, including the policy number and beneficiaries' names.
Be aware that not all life insurers will provide information on specific policies unless you are named as one of the deceased's beneficiaries. You may need to provide documentation, such as a death certificate and proof of your relationship to the deceased, to access the policy. However, most providers will have specific procedures in place to handle these types of enquiries.
If you don't have much information to go on, you can try searching online. The Council of Australian Life Insurers has a helpful page for finding lost life insurance policies in Australia.
Another option is to use the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator (LIPL). This free online tool helps connect consumers with their deceased loved ones' lost life insurance policies. After logging in and agreeing to the process, you enter your name and address and submit a search request by entering the deceased's information from the death certificate. If a policy is found and you are the beneficiary, the life insurance company will contact you directly.
In Australia, unclaimed life insurance policies are held by 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. The Australian Government maintains a register of unclaimed money, which includes unclaimed life insurance policies. Individuals can search the register to see if they or a loved one have any unclaimed funds.
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Ask family, employers, and HR
If you are trying to find out if someone has a life insurance policy in Australia, there are a few steps you can take. It is important to act as soon as possible, as insurance companies will continue to charge payments and may deduct funds from the policy's benefits to cover unpaid premiums.
Ask family
If you are a family member, you may be listed as a beneficiary without even knowing it. Policies often name several beneficiaries, so it is worth looking into. If the deceased didn't have a partner or children, they might have listed other relationships as beneficiaries.
If you are the executor of the deceased's estate, you will likely have direct access to information about their life insurance policy. You should carefully review their will and any other estate planning documents for any mention of a life insurance policy. You should also review their bank statements and email correspondence to see if there were any recurring premium payments or marketing emails that might indicate they had a life insurance policy.
Ask employers and HR
Many companies offer life insurance as part of their employee benefits packages, so it is worth contacting the HR department of the deceased's most recent employer to see what they have on file. If the deceased had a financial advisor, you should also contact them.
Other sources of information
If you don't have much information to go on, you can try searching online. The Council of Australian Life Insurers maintains a database of all life insurers operating in Australia and has a helpful page for finding lost insurance policies. If you know the name of the life insurance company, you can contact the insurer directly to request information, but be aware that they will likely ask for documentation such as a death certificate and proof of your relationship to the deceased.
If you are unable to find any information through these methods, your last chance may be to reach out to all possible insurers.
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Check bank statements and emails
If you are trying to find out if a deceased loved one had a life insurance policy, there are several steps you can take. One of the first steps you can take is to check their bank statements and email correspondence. Bank statements can be a useful source of information, as they may show recurring premium payments that indicate the existence of a life insurance policy. Additionally, marketing emails or other correspondence from insurers may provide clues about any policies they held. If you have access to their financial information, carefully review their bank statements for any signs of insurance payments. Also, check their emails for any relevant documentation or communication related to insurance policies.
It is important to act quickly if you believe your loved one had a life insurance policy, as this can help ease the financial burden during a difficult time. While it may be challenging to navigate these matters while grieving, taking the appropriate steps to locate any lost policies is essential.
If you are the executor of your loved one's estate, you should be able to access their financial information more easily. Banks, financial advisors, and law firms typically have confidentiality agreements in place, but as the executor, you should have the necessary authorisation to access this information. This will enable you to conduct a thorough search of their financial records, including bank statements and emails, to look for any indications of life insurance policies.
In addition to checking bank statements and emails, there are other steps you can take to find a lost life insurance policy. You can start by speaking with the deceased's family, close relatives, and trusted friends, as they may have been aware of any policies your loved one had in place. If your loved one was employed, you can contact their employer to inquire about any life insurance policies that may have been provided as part of their employment benefits. Superannuation through a company's preferred provider often includes group life insurance coverage. By reaching out to the organisation's human resources or payroll department, you may be able to obtain valuable information about any existing policies.
Another resource you can utilise is the Council of Australian Life Insurers, which maintains a database of all life insurers operating in Australia. Their website includes a helpful page specifically for finding lost life insurance policies. However, keep in mind that not all life insurers will disclose information about specific policies unless you are named as one of the deceased's beneficiaries. If you know the name of the insurance provider, you can contact them directly and provide documentation, such as a death certificate and proof of your relationship to the deceased, to request access to the policy details. Additionally, you can search for unclaimed money in lost life insurance policies through the Australian Securities & Investments Commission (ASIC). ASIC maintains a database of unclaimed money records and provides a free online search tool called Moneysmart to help individuals locate and claim their lost funds.
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Frequently asked questions
You can find out if you have unclaimed life insurance through the Australian Securities and Investments Commission (ASIC) in minutes. ASIC is the organisation that holds these funds until the rightful owners claim them.
If you don't have much information to go on, you can try searching online. A good place to start is the Council of Australian Life Insurers, which has a helpful page for finding lost insurance policies in Australia.
If you know the name of the insurer, you can contact them directly to request information. You may need to provide documentation, such as a death certificate and proof of your relationship to the deceased.
You can review the deceased's bank statements and email correspondence to see if there were any recurring premium payments or marketing emails that might indicate they had a life insurance policy. If you are the executor of their will, you will likely have access to this information.
