Life insurance policies can be easily forgotten due to the fact they are long-term agreements. There are estimate more than £2bn in forgotten and unclaimed life policies in the UK.
Change of address is one of the most common reasons people lose track of their accounts, insurance policies and pensions over the years.
Failing to inform beneficiaries of financial accounts and policies is another common reason for these financial asset being lost.
According to the Unclaimed Assets Register, there is up to £20 billion in the UK alone waiting to be claimed by their rightful owners ranging from insurance policies, bank accounts, and pensions.
Unclaimed money in the UK
- £20 billion – Unclaimed assets.
- £1 billion – Unclaimed money in NS&I products.
- £400 million – Unpaid money from life assurance and pension schemes.
- £31 million – Unclaimed premium bond prizes.
- £400 million – Unclaimed money in banks and building society accounts.
However, this money can be tracked down.
The best way to track a lost policy is to look at bank statements. Look for regular payments going out to a life insurance provider. If you know the name of the life insurance company then contact them directly.
If this route is not available to you and you don’t have any policy details then the Unclaimed Assets Register is another option. Lots of financial firms list unclaimed accounts and policies here.
NOTE; this service may not be free of charge. There can be a fixed fee for each search. Click here for more information
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