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Don't lose life insurance policy

Date: Thu, 20 Apr 2006

Many life insurance polices are left unclaimed because relatives are unaware of their existence.

It is estimated that around £2 billion is left unclaimed because people are not aware that their loved ones had taken out life insurance cover. In some cases, even those people who took out the polices have forgotten about their existence – with one in 16 failing to inform financial companies about their change of address.

In particular, life insurance cover sold by small mutuals or friendly societies may have be automatically incorporated not larger mainstream providers, so people are advised to check with the Association of Friendly Societies to possible trace an old policy.

Relatives could also turn to the Unclaimed Assets Register (UAR) which holds information on a number of financial products including unit trusts and unclaimed life insurance.

Paula Brine of the UAR, speaking to the Daily Mail, explained: "We try as far as possible to help people to search for themselves using publicly available information – and sometimes we can help with basic enquiries for nothing."

In order to avoid such lengthy and possibly costly searches, policyholders are advised to make sure their loved ones are aware of any life insurance cover as well as keeping the relevant documents in a safe but accessible place.


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Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.