Is there unclaimed money out there with your name on it? These are usually things like insurance benefits or inheritances and some of it might be yours. And finding it might be easier than you think. We’ll talk about it on this Faith and Finance. <ul><li>We want to be clear that we’re not encouraging you to have a “get rich quick” attitude about this. </li><li>Proverbs 13:11 warns, “Wealth gained hastily will dwindle, but whoever gathers little by little will increase it.”If you do find unclaimed money in your name, we hope you’ll manage it wisely. </li><li>Let’s start with life insurance policies. They’re lost more often than you think. Sometimes survivors aren’t aware that a policy exists. Paperwork gets lost. Important insurance papers might accidentally get tossed.</li><li>The National Association of Insurance Commissioners — or NAIC — says that each year, millions of dollars in insurance benefits go unclaimed. So how do you find out if you’re the beneficiary of a lost insurance policy?</li><li>The NAIC has an online tool called the <a href="https://eapps.naic.org/life-policy-locator/#/welcome">Life Insurance Policy Locator Service</a>. It lets you search nationwide for policies and annuities left behind by deceased family members and friends.</li><li>You’ll need a death certificate to get started. Then you type in some basic information, the deceased’s Social Security number, full legal name, date of birth, and date of death.</li><li>If there’s a match, the insurance company holding the policy will contact you within 90 days— that is, if you’re a designated beneficiary or legal representative of the deceased.</li><li>Since 2016, the Policy Locator Service has matched over a billion dollars in benefits to the folks who should get them.</li><li>Now, since all insurance is regulated at the state level, several states have their own lost policy locator services. You can check directly with the State Insurance Commissioner in the state where the deceased lived to see what additional search options are available. </li><li>Get <a href="https://content.naic.org/state-insurance-departments">contact information</a> for state insurance commissioners.</li><li>You might be wondering how insurance benefits go unclaimed. Life insurance companies have access to databases that alert them when a policyholder dies, but that doesn’t mean they always find the beneficiaries. If you’re a designated beneficiary on a policy and the company can’t locate you, they’re required to turn those funds over to the unclaimed property office in the state where the deceased lived. </li><li>That office is generally located in the state’s treasury department, so that’s another place to check for unclaimed benefits and other assets. Many states have online tools to help you identify unclaimed property in your name.</li><li>Now, if you’re a policyholder, you can save your loved ones a lot of grief by taking some preventive steps. Keep your beneficiary designations up to date and make sure the insurer has their latest contact information.</li><li>Let the beneficiaries know they’re named in your policy and give them contact information for your insurer and agent.</li><li>And always keep the latest copy of your policy with your estate papers, and a great place to store those documents is in a fireproof safe.</li><li>Okay, now let’s say there actually is unclaimed money out there with your name on it, insurance benefits or otherwise. You may not even know about it. </li><li>This could be almost any type of unclaimed funds, like pension plans, 401k’s, bank accounts, IRS refunds, and savings bonds. There might be un-cashed checks, CDs, trust funds, utility deposits, stocks and bonds, wages, and even the contents of safe deposit boxes.</li><li>There’s another great resource for tracking down those assets. People move around a lot, and it’s possible to have assets in several states. So a good place to start is at <a href="http://missingmoney.com">MissingMoney.com</a>. It’s sponsored by the National Association of Unclaimed Property Administrators and allows you to search more than one state at a time.</li><li>When there’s a match in any state, MissingMoney.com gives you information and links to official websites where you can file a claim.</li><li>And finally, the federal government also has a tool for tracking down unclaimed money that Uncle Sam, or anyone else might owe you. You can access it <a href="https://www.usa.gov/unclaimed-money">here</a>. This includes tax refunds, benefits from VA life insurance policies, court settlements, bankruptcies, and more. </li><li>So now if there’s money out there in your name, you know how to find it. </li></ul>On this program, Rob also answers listener questions: <ul><li>When does it make sense to reallocate money from a 529 account? </li><li>How do you determine the best way to balance retirement savings with paying off a mortgage? </li><li>Do you have to pay tax on inherited money? </li><li>How do you determine if it’s wise to buy a home right now? </li></ul>Remember, you can call in to ask your questions most days at (800) 525-7000. Also, visit our website at <a href="https://www.faithfi.com/">FaithFi.com</a> where you can join the FaithFi Community, <a href="https://faithfi.netviewshop.com/donate2">and give </a>as we expand our outreach.

FaithFi

Faith & Finance is a daily radio ministry hosted by Rob West. The program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

Faith & Finance with Rob West

Is there unclaimed money out there with your name on it? These are usually things like insurance benefits or inheritances and some of it might be yours. And finding it might be easier than you think. We’ll talk about it on this Faith and Finance.

Do You Have Unclaimed Money?

FaithFi: Faith & Finance | Apr 5, 2023

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Where Faith Meets Finance

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