How To Find Lost Unclaimed UK Life Insurance Policies In 2022

Time seems to stand still when a loved one dies, but much remains to be done.

After funeral and burial arrangements are made, it’s time to go through the decedent’s belongings and settle the estate, which can be a complex and expensive process.

Reading: How to find old life insurance policies

Final bills, mortgage balance, debts and inheritance tax can drastically reduce the value of the estate.

If the estate does not reach the inheritance tax threshold, an expense is avoided. however, others can put surviving loved ones in financial straits. a life insurance policy payment would be helpful during this time.

sixty per cent of UK families do not have a life insurance policy…

many of whom never tell their loved ones. if the policyholder dies, the surviving beneficiaries will not know about the coverage. The amount of unclaimed life insurance benefits in the UK is estimated at £2bn. it is recommended to look for a part of this and although this may take time, the payment may be worth it.

Lack of communication with other family members or a change of address can cause a life insurance policy to be separated from its owner. Insurance companies take different steps to locate clients when life policy benefits are eligible for claim or payment.

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various approaches and differing extent of efforts result in loss of assets and cause many policyholders to lose contact with their insurance providers. Family members who have recently lost a loved one should know how to search for life insurance coverage that the person may have purchased.

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unclaimed asset register

As the UK life insurance industry does not offer a tracking service, UK citizens must take on this role. A good place to start looking for missing policies is the Unclaimed Asset Register, or UAR. Experian offers this service to help UK residents find lost assets and contact suppliers to file claims.

Companies do their part by regularly providing customer data to uar. To find a missing asset, a consumer sets up an online account and pays £25 per search of the uar database.

experian reruns saved searches free of charge for consumers after a financial institution adds new information to uar. this service has helped many businesses and consumers find each other to reunite lost assets with their inherited owners.

the uar also protects assets against identity theft and fraud. consumers can quickly search for money, life insurance policies and other assets to which they are entitled and contact providers to retrieve them.

mutuals and mutuals

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Several decades ago, mutuals and social security companies offered savings products with low premiums as forms of life insurance. many of these companies have merged or transferred their business and no longer operate in the same way. the association of financial mutuals keeps a record of transfers and mergers. this can be helpful when trying to locate a life insurance policy.

You can also find a mutual or closed mutual by using the register of mutuals or by contacting the association of mutuals (afs). my gathered assets is a search service provided by the afs for this purpose.

however, it does not include all charities and profit recovery fees may be imposed. the old mutual registry which was a mutual registry is now the financial services authority, which can be contacted by phone.

the association of british insurers

the website of the association of british insurers (abi) features resources and information for finding life insurance policies. the abi recommends using the uar and checking the decedent’s bank and credit card statements to find evidence of life insurance premium payments.

Because many consumers pay premiums annually, at least 12 months of these documents should be reviewed. A call to the legal or accounting professional used by the decedent may also reveal the presence of a life insurance policy.

If the name of the insurance company is found, the contact information can be obtained from the abi member list. if the policy is discovered but the provider’s contact information cannot be found or is incorrect, the company may have a new name.

the abi recommends the policy detective website to find the current name. This site is owned and operated by Wellwood Adami Ltd., a UK company, and is free to the public. Its main objective is to bring together UK residents with building society accounts, bank accounts, and life and pension policy administrators.

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