Prudential Financial and its affiliates declared their goal to keep better track of policyholders and beneficiaries. However, it is still a possibility that the company has unclaimed funds. According to the law, after a certain period, the company is required to hand over these funds to the respective states.
People can then claim their benefits from the state government by providing appropriate proof. Here's why some funds remain unclaimed and how you can access them. What are unclaimed funds? If a policy has matured and/or the policyholder has passed away, and their policy benefits have not been claimed, it is known as an unclaimed fund. Multiple reasons could exist for a policyholder's benefits remaining unclaimed. Some of these are listed below. Insurance company has not been informed Different policies have different reporting requirements. While some policyholders are required to make monthly premium payments, others might require quarterly or annual payments.  In case a payment isn't made, the insurance company does their due diligence. This could take months or even years to resolve. It could lead to a delay in receiving claim benefits if the policy holder has passed away. Beneficiary is unaware It isn’t necessary for a beneficiary to be aware of them being named in the policy. Oftentimes, policyholders may refrain from informing beneficiaries about their policies and their involvement, unless it is absolutely necessary. If the policyholder passes away, the beneficiary might be unaware of the existence of the policy. In this case, the insurance company is required to send a notice to the beneficiary, notifying them of the policy. The beneficiary must then file a claim to receive the policy benefits. Children as beneficiaries Certain policies remain unclaimed due to the inability of minors to claim benefits. This is often the case where the policyholder nominates his/her children or grandchildren as beneficiaries. In such cases, the children or grandchildren of the policyholder are liable to receive the unclaimed benefits once they reach adulthood. Change in insurance company There could be numerous reasons for a change in insurance companies. The previous holder could decide to change the company or sell off their venture to a bidder. This could also happen if the previous owner of the company declared bankruptcy. However, in this case, companies ensure to inform policyholders about the change in the company and in their policies. What are the ways to find unclaimed funds? This is applicable to people who believe or have proof that they could have unclaimed funds with Prudential or any other insurance company. Here are some ways to find unclaimed funds: Insurance company An insurance company may be the easiest way to find unclaimed funds. If the beneficiary is aware which insurance company the policyholder dealt with, the search is easier. Providing a copy of the insurance policy and other relevant documents can get you access to these unclaimed funds. However, if you do not have access to a copy, you may still be able to find the unclaimed funds by contacting the insurance company directly. This might take a little longer, but with the help of details about the deceased policyholder, the company may be able to help you. Talk to the estate planner If the deceased policyholder had an estate planner, they would be likely to know about the unclaimed funds. You can get in touch with your dear one’s estate executor and seek their help with the claim process. They can provide you with details about the unclaimed funds and life insurance policies that may be relevant. Database of unclaimed funds If the insurance company has been sitting on unclaimed funds for years, they are liable to hand over those funds to the state government. If the policy that you are looking to claim has been long overlooked, you might want to consider using the following resources to check the status of your unclaimed funds: MissingMoney, the NAIC Life Insurance Policy Locator, or the National Association of Unclaimed Property Administrators.