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Phoenix Home Life - Missing Policyholder Search
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Phoenix Home Life - Missing Policyholder Search
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Phoenix Home Life Unclaimed Policy Benefits and Demutualization Payments |
Phoenix Home Life Mutual InsuranceIn 1992, Phoenix Mutual merged with Home Life, creating Phoenix Home Life. On June 20, 2001, the initial public offering of The Phoenix Companies, Inc. closed and the demutualization of Phoenix Home Life Mutual Insurance Company became effective. Phoenix Home Life Mutual Insurance Company was renamed Phoenix Life Insurance Company and became a wholly owned subsidiary of The Phoenix Companies, Inc. Demutualization is the process of converting a mutual life insurance company, owned by its policyholders, to a publicly traded stock company owned by shareholders, pursuant to a plan of conversion approved by government regulators. The amount paid to each policyholder is based on a number of factors, including length of time the policy has been in force, face value of the policy, and total premiums paid. For many policyholders, the windfall arising from demutualization can be substantial, but millions of missing policyholders and heirs aren't aware they are entitled to receive compensation. The initial public offering consisted of 49 million shares offered at $17.50 per share. Eligible policyholders became entitled to receive compensation consisting of a fixed component of 18 Phoenix Companies common shares, as well as a variable component based on policy value. Lost policyholders are entitled to receive $17.50 cash per share entitlement.
Between one-quarter and one-half of all life insurance policies go unclaimed, because it is generally up to family members to notify the insurance company when a policyholder dies, and virtually no effort is made to find lost beneficiaries. In addition, hundreds of thousands of missing policyholders aren't aware they are entitled to receive this demutualization compensation. Contact efforts were unsuccessful, due to name changes after marriage or divorce, unreported changes of address, expired postal forwarding orders and non-current beneficiary information. By law, unclaimed policy benefits, including demutualization compensation, are remitted to the custody of a government trust account until claimants come forward. Last year government custodians collected $22.8 billion, of which less than $1 billion was claimed. It is highly recommended that current and former policyholders and heirs - the majority of whom are unaware they're entitled to unclaimed policy benefits, stock & cash - initiate an Unclaimed Life Insurance Policy Search |
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