Midland National Life Insurance Unclaimed Policy Benefits Search

Midland National Life Insurance - Unclaimed Policy Benefits Search
 

Midland National Life Insurance Settlement for Missing Beneficiaries and Lost Heirs

Midland National Life Insurance Claims

Estimates are $2.4 billion dollars in death benefits owed beneficiaries and heirs of deceased life insurance policyholders goes unclaimed each year.

Heirs of deceased policyholders and annuity owners may be entitled to receive compensation arising from a 2012 legal settlement  between states and a number of underwriters.

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.

Midland National: Midland National companies include: Midland National Life Insurance Company and North American Company for Life and Health Insurance

Under the agreement {Midland National Life Insurance Claims Settlement} Midland National must restore the full value of all impacted accounts dating back to 1995 and pay policy beneficiaries 3% compounded interest on the value of the held amounts from 1995, or from the date of the owner’s death, whichever is later; and fully comply with state unclaimed property statutes going forward.

If Midland National 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.

 

Midland National l Life Insurance Claims

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AIG John Hancock Northwest Mutual
Allianz Kemper Pacific Life
Aviva Lincoln National Prudential
Forethought MetLife Symetra
Genworth Midland National TIAA-CREF
The Hartford Nationwide Transamerica
ING New York Life Anico / Thrivent Financial