AIG Life Insurance - Unclaimed Policy Search

AIG Life Insurance Settlement for Missing Beneficiaries and Lost Heirs

AIG Life Insurance Claims

Unclaimed property audits undertaken by a number of states revealed many major life insurance companies failed to pay death benefits to beneficiaries, despite having confirmation policyholders were deceased. Additionally, some companies continued charging premiums, deducting payments from the policies' cash reserves until depleted, at which time the policy would be cancelled.

Insurance Companies participating in the Global Life Insurance Settlement  include: AIG,  Allianz, Aviva, Forethought, Genworth, Hartford, ING, John Hancock, Lincoln National, MetLife, Midland National, Nationwide, New York Life, Northwest Mutual, Pacific Life, Prudential, Symetra, TIAA-CREF, Transamerica and Western & Southern.

AIG: AIG companies include: American General Life Insurance; American General Assurance; AGC Life Insurance; American General Life Insurance of DE; American General Life and Accident Insurance; SunAmerica Annuity & Life Insurance; SunAmerca Life Insurance; The United States Life Insurance Company of the City of New York; First SunAmerica Life Insurance Company; and The Variable Annuity Life Insurance Company; Western National Life Insurance.

Under the agreement {AIG Life Insurance Claims Settlement} AIG must restore the full value of impacted accounts, paying an estimated $25 million to $30 million on some 10,000 policies that are past due in California. Other states participating in the settlement received $11 million.

AIG further agreed to reform its business practices to ensure life insurance, annuity, and retained asset account benefits are promptly paid going forward. AIG will now regularly check the Social Security Administration's Death Index Master File to determine whether any of its life insurance policyholders, owners of annuities, and holders of retained asset accounts are, in fact,  deceased.

If AIG finds that a policyholder has died, it will attempt a search for beneficiaries. If beneficiaries cannot be located, AIG will then remit the policy proceeds to a government custodian, where they are held available to be reclaimed in the future.