When it comes to cashing-in an unclaimed policy, the generic scepticism about what one can and cannot expect when wanting to cash-in a policy because of “small print” issues, does not apply. The going is easy because the policyholder will inadvertently be doing the insurance company a favour.
To have the more than R1 billion balance in unclaimed South African policies paid out is tantamount to reducing Table Mountain to a molehill. While the analogy is a grossly exaggerated notion the insurance industry needs all the help it can get to be relieved of the burden of unclaimed policies!
The new ASISA Standard on Unclaimed Assets effective 1 June 2013 reads:
- a life company may never take ownership of unclaimed assets
- beneficiaries and their dependents will always have claim on their assets
- since 1 June 2013, life assurance companies are obliged to trace policyholders within 6 months of the assets becoming payable
Well, if the mountain won’t come to Muhammad, isn’t it time to help the insurance companies get out of their bind and – in the process – to help yourself to policy monies that may be due to you? Let us help you start your own policy trace today. The SMALL PRINT for lending a helping hand – we deliver. no bull.