Dormant Life Insurance Contracts: 5 Things You Need to Know to Claim Payment

What is dormant life insurance?

A dormant contract means that the life insurance contract has ended and the beneficiaries have not been paid in capital. There are two scenarios in which a life insurance policy can go dormant. The beneficiary clause is inaccurate and therefore difficult for the insurance company to find the beneficiary of the contract, or the death certificate does not reach the insurance company and therefore does not receive the death certificate. There is no knowledge about the death of the subscriber. After that, he cannot deliver the amount to the beneficiary.

How do I know if I am a beneficiary of dormant life insurance?

Anyone can apply to AGIRA online or by mail to determine if they have been designated as a beneficiary of a life insurance policy. After the death of a loved one, an individual who is considered a beneficiary of a life insurance policy can fill out all the necessary documents to apply. However, you must provide proof of the death of the person who signed the contract. To confirm that one of the insureds could die, the insurer could also contact AGIRA to access the data displayed in INSEE’s national directory to identify natural persons. increase. A 15-day period is required for AGIRA to process the request and send it to the insurance company.

How long do you need to take out a dormant life insurance policy?

This search by AGIRA is valid for 10 years after the insurance contract expires. After these 10 years, this may correspond to 10 years after the termination of a 10-year inactive or unclaimed life insurance policy in a bank account. Or, if the beneficiary search fails, the insurance policy will automatically be with the Caissedes dépôts insurance company. The mission of Caissedes dépôts is to hold this amount for 20 years and to be able to return these funds to the beneficiaries if necessary. If you are not charged after a total of 30 years, the uncharged amount will be guaranteed by the country.

How can I claim money?

If you are a beneficiary of an unsettled life insurance policy, the insured died more than 10 years ago, and you suspect that the procedure by AGIRA has failed, you can perform a search through the CICLADE service established by. increase. Caisse des dépôt set signsations. This service was created at the request of the state following the promulgation of the so-called “Eckert Law”. This is the only service that allows you to find unbilled or forgotten amounts, which are said to be dormant and are sent by financial institutions to the Caisse des Dépôts.

What is the Eckert method?

Since 2016, the law has significantly strengthened the obligations of insurance companies. Its purpose is to strengthen the fight against rehabilitation of insurance policies. The insurance company must contact the identified beneficiary of the contract within 15 days of receiving the death certificate and knowing the beneficiary’s contact details. You should also consult the National Directory at least once a year for personal identification managed by INSEE. This mandatory process allows the files of people who died that year to be matched against the life insurance policy portfolio to identify the dead policyholders so that life insurance beneficiaries can be found more easily. I can do it.