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Unclaimed Insurance Money

Insurance Companies are a source of unclaimed money!:

  • Policies held by deceased persons are sometimes unknown to survivors and no death notice is provided to the insurance company
  • Demutualization of "Mutual" insurance companies
After the period of time prescribed by escheat law, if the rightful owner's current address or contact information is unknown, the money will be turned over to the state of record of the policy holder. However, if you have knowledge of or suspect the existence of such a policy you may wish to contact the insurance company directly.
 
 
Insurance Company Demutualization Facts

Demutualization generated unclaimed money should eventually be turned over to the state of record of "shareholders". However, if you have owned a policy with one of the companies listed below, you may wish to check directly with the company.

What Is Demutualization?  "Demutualization" refers to a reorganization, in which a mutual insurance company becomes a publicly owned company.  The method used is the payment of stock or cash to existing policyholders. The process does not affect policies held by existing customers but may generate "income" for these customers.

Under demutualization, shareholders own the new company. The stock they hold may entitle them to vote and to receive dividends declared on their shares.  Mutual companies usually seek to convert to a stock form of ownership to raise capital and enhance the financial strength of the organization.  In the last twenty years more than 20 life insurance companies underwent demutualization's.

Any mutual insurance company must undergo rigorous regulatory scrutiny and gain the approval to demutualize from the controlling governmental agencies.

(Links open in new window)
 
New York Life Unclaimed funds finder

Direct Link

A special database provided by New York Life allowing customers to search for unclaimed insurance money.

Florida Department of Financial Services

Direct Link

 List of insurance companies in Receivership (includes link to Receiverships in Other States) Liquidation of an insurance company may have financial consequences to policy holders.
AmerUs Group Inc.
699 Walnut Street
Des Moines, IA 50309
(888) 689-1893
 

AmerUs Group Inc. was formed in the demutualization of American Mutual Holding Company (formerly known as Central Life Assurance Company).  Compensation: a fixed component of 20 shares and additional shares based on the value of the insurance policy or cash in lieu of stock, at a rate of $26.00 cash per share entitlement. 

 Anthem Inc. (Trigon)
120 Monument Circle
Indianapolis, IN 46204
(866) 299-9628 

Anthem Inc. was formed in the conversion of Anthem Insurance Companies, Inc. from a mutual insurance company to a stock insurance company.  Compensation: a fixed component of 21 shares and additional shares based on the value of the insurance policy.

 Great West Life (formerly Canada Life)
330 University Ave
Toronto, Ontario
(800) 333-2542

Canada Life Financial Corp. - acquired by Great-West Life Co. Inc. in, 2003.  Canada Life Assurance Company became Canada Life Financial Corp. Inc when transformed into a stock insurance company.   Compensation: a fixed component of 100 sharesand a variable component of additional shares based on the value of the insurance policy or cash in lieu of stock, at a rate of CD$17.50 per share entitlement. 

 Indianapolis Life
699 Walnut Street
Des Moines, IA 50309
(800) 428-7031
 Indianapolis Life Insurance Company demutualized and merged into AmerUs Group Inc.  Compensation: a fixed component of 12 shares and a variable component of additional shares based on the value of the insurance policy or cash in lieu of stock, at a rate of $35.63 cash per share entitlement.
 John Hancock Financial Services Inc.
John Hancock Place
Boston, MA 02117
(800) 695-7389
John Hancock Financial Services, Inc. was formed in 2000 when The John Hancock Life Insurance Company, Inc.became a stock insurance company.  Cpmpensation: 17 shares and additional shares based on the value of the insurance policy or cash in lieu of stock, at a rate of $17.00 cash per share entitlement. 
Manulife Financial
50 King Street North
Waterloo ON
(800) 387-2747 
Manulife Financial Corp. Inc was formed in 1999 when The Manufacturers Life Insurance Company, Inc. became a stock insurance company.  Compensation: 186 shares and additional shares based on the value of the insurance policy or cash in lieu of stock, at a rate of CD$18.00 per share entitlement. 
 MetLife Inc.
One Madison Avenue
New York, NY 10010
(800) 638-5433
Metlife, Inc. was formed in 2000 when Metropolitan Life Insurance Company became a stock insurance company.   Compensation: a fixed component of 10 shares and additional shares based on the policy’s value or cash in lieu of stock, at a rate of $14.25 cash per share entitlement. 
 MONY Group Inc.
Corporate Headquarters
1740 Broadway
New York, NY 10019
(212) 708-2056
The MONY Group, Inc. was formedin 1998 when The Mutual Life Insurance Company of New Yorkbecame a stock insurance company.  Compensation: a fixed component of 7 shares and additional shares based on the value of the insurance policy or cash in lieu of stock, at a rate of $23.50 per share entitlement.  
 NationwideProvident
One Nationwide Plaza
Columbus, OH 43215
(866) 541-9692
 Provident Mutual Life Insurance Company demutualized in 2002, and merged into Nationwide Financial Services, Inc.  Compensation: a fixed component of 26 shares and additional shares based on the value of the insurance policy or cash in lieu of stock, at a rate of $28.1046 cash per share entitlement.
 Phoenix Companies Inc.
One American Row
Hartford, CT 01602-5056
(800) 490-4258
 The Phoenix Companies, Inc. was formed in 2001 when The Phoenix Home Life Mutual Insurance Company became a stock insurance company.  Compensation: a fixed component of 18 shares and additional shares based on the policy’s value or cash in lieu of stock, at a rate of $17.50 cash per share entitlement.
 Principal Financial Group Inc
711 High Street
Des Moines, IA 50392
(800) 986-3343
Principal Financial Group, Inc. was formed in 2001 when Principal Mutual Holding Company became a stock insurance company.  Compensation: 100 shares and additional shares based on policies heldor cash in lieu of stock, at a rate of $18.50 per share entitlement.  
 Prudential Financial Inc.
751 Broad Street, 21st Floor
Newark, NJ 07102
(800) 243-1701
Prudential Financial, Inc. was formed in 2001 when The Prudential Insurance Company of America became a stock insurance company.  Compensation: 8 shares and additional shares based on the policy’s value or cash in lieu of stock, at a rate of $28.44 cash per share entitlement  
 StanCorp Financial
1100 SW Sixth Ave
Portland, OR 97204
(800) 642-9888
Stancorp Financial Group, Inc. was formed in 1999 when Standard Insurance Company became a stock insurance company.  Compensation: 52 shares and additional shares based on the policy value or cash in lieu of stock, at a rate of $23.75 per share entitlement.  
 SunLife of Canada
150 King Street West
Toronto, Ontario
Canada
(800) 786-5433

Sun Life Financial, Inc. was formed in 2000 when the Sun Life Assurance Company of Canada became a stock insurance company.  Compensation: 75 shares and additional shares based on the policy held or cash in lieu of stock, at a rate of US$8.50 per share entitlement.