Demutualization is another member of the unclaimed or missing money family.  A demutualization is the conversion of a mutual insurance company, that is owned by its policyholders, into a stock company, that is owned by shareholders. The insurance company continues to exist, but its corporate formation and ownership are altered. Eligible policyholders exchange their ownership rights in the mutual life insurance company for common shares of the new company, cash, policy enhancements and rights consistent with those of a typical publicly-owned company. Your policy rights are not affected. You still retain your policy and its associated “contract” rights.

The largest non-government holder of unclaimed money are Life Insurance companies. Almost 30% of all life insurance benefits in excess of $500,000,000 go unpaid or unclaimed upon the death of the policyholder. Family members don’t notify the insurance company simply because they not aware the deceased person might have had more than one policy. As a result, life insurance companies become separated from their policyholders and the beneficiaries- usually because they have not been notified of name or address change.

Governmental and State Unclaimed Property Agencies are beginning to become more involved in the area of unclaimed property and began demanding more information about these unclaimed policies be turned over. Many states do not presume abandonment of life insurance policies until the insured policyholder would have reached the age of over 100 years. As a result, this type of unclaimed assets may not show up in a government database for some time. It is the responsibility of the beneficiary to contact the life insurance company and there is no central database to search such.

Another source of unclaimed money with life insurance companies has been the recent demutualization of some of the largest insurance companies. Again, Demutualization refers to a reorganization in which a mutual insurance company becomes a stock company. This is accomplished through the payment of stock or cash to the policyholders upon the discontinuation of the mutual company. This reorganization has no impact on the actual life insurance policy.

The majority of the largest U.S. insurers are home officed in Connecticut.  As the capital of the Insurance industry, Connecticut holds 100,000s of unclaimed life insurance policies due to demutualization and mergers. Demutualization does not affect your policy benefits or affect your policy premiums. Few Money Finder and Property Locator companies know to look for this member of the unclaimed money family.  We have the ability to aid you in access to millions of unclaimed Life Insurance policies that have escheated for policyholders heirs to claim.

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