Unclaimed life insurance policies
Information
The (pdf)Unclaimed Life Assurance Policies Act, 2003 requires insurance companies in Ireland to identify and contact the owners of unclaimed life insurance policies. If the owners cannot be traced, the proceeds of the policies will be transferred to the Dormant Accounts Fund, which is managed by the National Treasury Management Agency.
The contents of the Dormant Accounts Fund are invested and the surplus disbursed by the Dormant Accounts Disbursement Fund to be used on programmes or projects to help people with disabilities and people who are economically, socially or educationally disadvantaged in Ireland.
Rules
When is a life insurance policy considered to be dormant?
A life insurance policy is considered to be "dormant" when there have been no transactions in connection with it for 15 years. This period is called the "dormancy period". The dormancy period depends on when the life insurance policy has a specified term or not. If the policy has a specified term, it will be considered dormant if the customer has not been in contact with the insurance company for 5 years from the date the policy matured or the last company's last communication with the customer, whichever is later. If the policy does not have a specified term, it will be considered to be dormant if there has been no communication between the company and the customer for 15 years.
Dormant life insurance policies must be transferred to the Dormant Accounts Fund in April of each year.
You have the right to claim the funds contained in your dormant life insurance policy at any time.
There is no time-bar on account holders or their next of kin reclaiming dormant funds, as their rights are preserved. This means that even if the funds or property have been transferred to the Dormant Accounts Fund, you or your next of kin still have a claim on your funds or property.
What life insurance policies are covered?
The Unclaimed Life Assurance Act applies to all insurance undertakings in Ireland and all life assurance policies that have been taken out by Irish residents, with the exception of policies that form part of the assets of occupational pension schemes, group health insurance or disability benefit schemes and sponsored superannuation schemes.
What do insurance companies have to do under the terms of the Unclaimed Life Assurance Act?
Insurance companies must personally contact customers whose life insurance policies are worth 500 euro or more and tell them how to claim the proceeds of the policies. Companies must also place advertisements in the national press twice yearly to inform customers whose policies are worth less than 500 euro.
Insurance companies must keep a register of unclaimed policies.
Rates
The insurance companies must calculate the cash value of unclaimed life insurance policies on the date that they are transferred to the Dormant Accounts Fund. Companies must only transfer the investment value of the policy and must retain the insurance element.
How to apply
Contact your life insurance company. The Irish Insurance Federation maintains a list of insurance providers.
Where To Apply
Irish Insurance Federation
Insurance House
39 Molesworth Street
Dublin 2
Ireland
Tel:+353 (0)1 676 1820
Fax:+353 (0)1 676 1943
Homepage: http://www.iif.ie
Email: fed@iif.ie
Language
Related Documents
- Life insurance, pensions and civil status in Ireland
Your civil status in Ireland may make some differences to your life insurance or pension entitlements. Find out about these differences, unclaimed life insurance policies and contacts for more information. - Dormant bank accounts in Ireland
The Dormant Accounts Act, 2001 aims to reunite account holders or their next of kin with dormant bank accounts in Ireland. Find out more. - Access to money after a death
It is not easy to get immediate access to a deceased person's money in Ireland unless it is in a joint account. Find out more here.
Contact Us
If you have a question relating to this topic you can contact the Citizens Information Phone Service on 0761 07 4000 (Monday to Friday, 9am to 9pm) or you can visit your local Citizens Information Centre.