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Millions in Veteran’s Life Insurance Remains Unclaimed

Unclaimed life insurance is becoming an increasing issue with the government. Millions of dollars in life insurance for veterans and their families are still unclaimed. In these types of unclaimed life insurance, policyholders are supposed to receive life-insurance process payouts or division checks as well as reward refunds.

If payments couldn’t be delivered, a Department of Veterans Affairs binds an income indefinitely, says Thomas Lastowka, the department’s executive for insurance. To see if we or a family member has any unclaimed money, check upon a Veterans Affairs website (https://insurance.va.gov/liability/ufsearch.htm).

If you, or somebody known to you, is trying to claim an unclaimed life insurance, the major information that will be required is: veteran’s full name, date of birth, as well as date of death (if applicable). In addition to the above personal information, one additionally might need a veteran’s VA insurance file number or service number. This number can be found on the enlistment papers.

You additionally can explain income by calling 1-800-669-8477 or sending a letter to Department of Veterans Affairs Regional Office, as well as Insurance Center. Between Jan 2007 and Nov 2010, $6.4 million have been claimed, explains Mr. Lastowka. Life-insurance claims are on an average about $4,500, while the alternative checks range from $1 to $750.

According to a recent article in the Wall Street Journal, over six million dollars have been claimed by veterans and their families in the last three years, but millions of dollars still remain unclaimed. This money represents life insurance policy payouts, dividend checks, and premium refunds that were mailed to policyholders but could not be delivered. The Department of Veterans Affairs will hold these payouts indefinitely.

To find out if you or a member of your family is entitled to any of these any unclaimed funds, visit the Department of Veterans Affairs website (https://insurance.va.gov/liability/ufsearch.htm), or call 1-800-669-8477. You can also write to the Department of Veteran Affairs Regional Office and Insurance Center.

To claim funds, you will need to verify the veteran’s full name, date of birth, date of death (if applicable) and the veteran’s VA insurance file number or service number. The VA insurance file number can be found on enlistment and discharge documents on file at county courthouses. If you are collecting money owed to a deceased veteran, the surviving spouse has access first, followed by children and parents.

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