Which policies become unclaimed
A life insurance policy becomes unclaimed money when it matures - or the insured person dies - and the proceeds remain unpaid for seven years because the insurer cannot locate the owner or beneficiary.
This covers endowment and whole-of-life policies, funeral benefit policies, and investments held through friendly societies. Term life cover with no payout event does not become unclaimed money.
Where to search
All unclaimed life insurance proceeds are listed on the ASIC MoneySmart unclaimed money register, alongside bank accounts and share proceeds. Searching is free and there is no time limit on claiming.
Search the policy holder's name and the name of the person insured - for a child's policy these are usually different people. Many older records are held under a parent or grandparent's name.
If the insurer has since merged or been taken over, the register will show the current company responsible for paying the claim.
Making a claim
Claims go to the insurer or friendly society named against the record, not to ASIC. You will need photo identification, proof of address, and any evidence of the policy you still hold.
The original policy document is ideal but not essential. A premium receipt book, an old letter from the insurer, or the policy number is usually enough to begin.
If the policy owner has died, you will also need the death certificate and evidence of your entitlement - probate, letters of administration, or proof you were the nominated beneficiary.
Tip: Check the paperwork of older relatives - small childhood policies from the 1960s and 70s are among the most commonly unclaimed.
Common questions
Official sources
This guide is based on the official Australian registers and the bodies that administer them. Always search and claim through these sites directly - they are free.