Should you be a veteran or a family member of one, you could find money waiting for you! Many veterans are not aware they have unclaimed life insurance money from their military plans. Sometimes thousands of dollars, these monies stay unclaimed because of obsolete records or ignorance. This page will walk you through the process of determining whether you have unclaimed money and how to pursue it before it is permanently lost.
Unclaimed Life Insurance Funds refer to
Unclaimed life insurance monies are payments from military life insurance policies never received by the recipients. These money could be:
- Death brings advantages seldom sought by families.
- Premium refunds derived from overpaid policies.
- Dividends from policies left unpaid.
These monies are held by the U.S. Department of Veterans Affairs (VA) until they are claimed by the proper owners.
Why Go Unclaimed These Funds?
Veterans or their families could not be aware of these monies for a number of reasons.
- Many veterans and their families are unaware they are eligible to benefits.
- Address Changes: Should a veteran alter or move their contact information, they might have missed notifications.
- Important military records can go missing over time.
- Family members could not be aware they were named beneficiaries.
- Deceased Policyholders: Should a veteran die, their family might not know about the insurance benefit.
Who qualifies to be claiming these monies?
Should you be among those qualified to claim unclaimed life insurance funds, you are:
- A veteran with a military life insurance coverage.
- A widow, child, or other beneficiary of a dead veteran.
- Representing a veteran’s estate legally.
Veterans most likely to have unclaimed money have policies under either National Service Life Insurance (NSLI) or Servicemens’ Group Life Insurance (SGLI).
Finding Out Whether You Have Unclaimed Money
First step: employ the VA’s Online Search Tool.
To hunt unclaimed insurance money, the Department of Veterans Affairs (VA) offers an online database. See the official VA website and:
- Now include the full name and birthdate of the veteran.
- If one exists, supply the policy number.
- See whether any unclaimed benefits are recorded here.
Second step: Make direct VA contact.
Ask about unclaimed coverage by phoning the VA Insurance Center at 1-800-669-8477 if you cannot find information online. Get ready to offer:
- The veterans’ military service number or Social Security number.
- Their dates of service and branch of service.
Third step: turn in a claim form.
Should unclaimed money show up under your name, you will have to send a VA Form 29-541 (Application for Payment of Government Life Insurance) together with:
- An ID copy for you.
- (If relevant) the death certificate of the veteran.
- Evidence of a relationship to the veteran, such a marriage certificate for couples.
Categories of Military Life Insurance Policies Possibly With Unclaimed Funds
1. National Service Life Insurance (NSLI).
- Given to World War II soldiers between 1940 and 1951.
- Families of dead warriors still unclaim many policies.
2.Group Life Insurance Policies for Servicemembers
- Reservers and active-duty military members are immediately registered.
- Unclaimed benefits could be those of veterans or their beneficiaries.
3.Veterans’ Group Life Insurance (VGLI)
- For former military personnel who changed their SGLI policy to VGLI.
- Many troops paid premiums but never claimed their benefits.
4. USGLI, United States Government Life Insurance
- Presented to former World War I soldiers.
- After decades some money still goes unclaimed.
Should these funds remain unclaimed, what happens?
Should nobody claim the money, the VA keeps it indefinitely. Still, it’s best to grab the money right away. The VA will handle your request and provide a check or direct deposit once verified.
How Can One Prevent Losing Future Benefits?
- Store copies of insurance records in a safe area accessible to family members.
- Tell those you love about any policies they might inherit.
- Change Contact Details: Tell the VA of any names or addresses you change.
Conclusion
Unclaimed life insurance monies waiting for thousands of soldiers and their families abound. If you or someone you know was in the military, you should look for unclaimed benefits. You can find out whether you are due money and claim it before it is lost with a few easy actions. Don’t let possible financial support go unrequested; act right now!