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
How to claim life insurance
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.
The claims process
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 (OTN).
Please note down your OTN. You will need your OTN to make a
Confirm insurance company details
Check our list
of life insurance companies and friendly societies to find out
which one you need to contact to claim on the insurance policy. 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 insurance company
Speak to the 'unclaimed money officer' to begin the claims
process. They will tell you what proof of claim documents you need
to give them. You may need to locate documents to prove you own the
policies or are the beneficiary.
Insurance company processes your claim
Once your claim is approved by the insurance company and they
have contacted ASIC, it usually takes 28 days to release the funds
to them so they can pay you.
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: 21 Feb 2017