Claim money from life insurance policies
Life insurance policy claims
If you have found your name on ASIC's Unclaimed Money Online
Search and the money is from a life insurance policy, here's how to
claim it and what money may be held.
What money may be held from life
ASIC holds money from life insurance policies from insurance
companies or friendly societies that have been unclaimed for 7
years after the policy matures. On 31 December 2015 this changed
from 3 years. To find out more see changes to unclaimed money laws on the
ASIC's Unclaimed Money
Search database goes back to 1952 for life insurance
companies and back to 2000 for friendly societies.
How to claim life insurance policy
If you have found your name on ASIC's Unclaimed
Money Search and the money is from a life insurer or friendly
society, you will need to approach the relevant institution. They
are responsible for assessing the rightful owner of the funds.
If your claim is successful, the institution will notify ASIC.
ASIC will then release the funds to the institution so the
institution can then pay you.
On the life insurance policy, there will be two names listed.
One is the life insured and the other is the policy owner (who is
listed in brackets). When the name of the life insured differs from
the policy owner, the unclaimed money can only be claimed by the
policy owner unless the life insured is able to prove otherwise.
The insurance company will be able to answer any questions you have
about the names listed.
How long will your claim take?
You need to check with the life insurance company to find out
how long it will take to process your claim. Generally, ASIC will
take up to 28 days from the time the life insurance company lodges
the claim with us. We will then release the funds to the insurance
company so the insurance company can then pay you.
Record your Original Transaction Number
If you found your name on ASIC's Unclaimed Money Search, then you
would also have seen a unique Original Transaction Number
Please note down your OTN. You will need your OTN to make
Check the list of
life insurance companies and friendly
Check this list to see if the life insurance or friendly society
you are trying to contact is still operating. If they are not, this
list will tell you which institution is responsible for
deciding your claim. For a complete list of life insurance
companies and friendly societies that are authorised to operate in
Australia, go to the Australian
Prudential Regulatory Authority website.
Contact the company and collect your
The life insurance company or friendly society will tell you
what documents, in addition to your OTN, are required. You
should ask to speak to someone who deals with unclaimed funds from
life policies. You may need to locate documents to prove you own
the policies or are the beneficiary.
Australia's unclaimed money
Our unclaimed money infographic
explains how people lose track of their money and how much is out
there to be claimed in each state and capital city in 2016.
Last updated: 17 Oct 2016