Missing Life Insurance Policy Search

Unclaimed Life Insurance Policy Benefits Search - Demutualization Claims

Mutual Service Life Insurance Company

Life Insurance Setlement

Demutualization is the process of converting a mutual life insurance company, which is owned by its policyholders, into a publicly traded stock company owned by shareholders, pursuant to a plan of conversion approved by policyholders and government regulators.

Mutual life policyholders (and heirs) continue to be entitled to receive whatever policy benefits may be due, but in addition receive stock, cash and/or policy credits in exchange for their ownership interest in the old mutual insurance company.

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. Shares may be sold at any time, without affecting policy benefits.

On January 1, 2005, Mutual Service Life Insurance Company completed its demutualization. Policyholders were to be compensated for their ownership interest in two ways - with a fixed component payment and an additional variable component based on a number of factors including policy value.

Thirty-three thousand policyholders with Mutual Service policies active as of Sept. 30, 2003 - half of whom were Minnesota residents - became  eligible to receive payment totaling approximately $45 million. Payments range from $400 to $80,000.

Proxy materials were sent to policyholders on October 6, 2004. On January 1, 2005, Minnesota-based Mutual Service Life Insurance Company completed its demutualization, a so called "sponsored demutualization", in which stock of the demutualized company was immediately purchased by Country Life Insurance Company of Illinois.

Hundreds of thousands of missing policyholders aren't aware they are entitled to receive 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.

And a recent government audit found 21 major life insurance companies failed to pay death benefits to beneficiaries even in cases where they knew the policy holder was deceased. {Life Insurance Settlement Claims}

By law, unclaimed demutualization compensation is remitted to the custody of a government trust account until claimants come forward.

Current and former policyholders and their heirs - the majority of whom are unaware they're entitled to unclaimed stock and/or cash - should initiate a database search.

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