The phone rings. It's someone from the Texas Comptroller's office who wants to give you money – lots of money. Hundreds of thousands of dollars in cash. Are you dreaming? Maybe not.
Unclaimed Property Outreach Specialist Martha Wasp
With tears in his eyes, Jeffrey Malloy, a claims examiner in the Comptroller's office, hangs up the phone. "Those were two of the best phone calls I've ever made," he says. After locating the beneficiaries of a $900,000 life insurance policy, Malloy just notified two brothers of their windfalls – proceeds from their deceased father's policy.
Generally, it's the responsibility of beneficiaries to notify insurers of a policyholder's death. But sometimes policies are forgotten or paperwork is lost, and no action is taken. In Texas, unclaimed life insurance proceeds generally are presumed "due and payable" when the insured reaches the "limiting age," usually well beyond 100, and if still unclaimed after three years, they're considered abandoned. Under state law, abandoned funds must be reported to the state as unclaimed property.
In Texas, the Comptroller's office is charged with returning unclaimed property to its rightful owners. Life insurance companies are among the largest holders of unclaimed assets and missing money. As of May 2017, life insurance companies reported more than $183 million in unpaid life insurance benefits in Texas alone.
Martha Wasp, an unclaimed property outreach specialist in the Comptroller's office, enjoys helping Texans search for abandoned policies and claim unpaid benefits.
"We're here to help," she says. "Imagine discovering a parent or grandparent left you a large sum of money. It can change your life."
Note: The Unclaimed Property search tool has changed.
The detailed instructions may no longer be accurate.
If you know where the policy was purchased, check with the state insurance department or the office that handles unclaimed property. Texans can visit Texas Unclaimed Property to search the state's unclaimed property database and file a claim.
To Search for Unpaid Life Insurance Proceeds Under Your Name (Beneficiary)