Missing Life Insurance Policy Search

Unclaimed Life Insurance Policy Benefits Search - Demutualization Claims

Principal Mutual Life

Life Insurance Setlement

On October 26, 2001, Principal Mutual Life converted from a mutual insurance company to a stock company, distributing to 925,000 eligible policyholders 260 million shares of stock in exchange for their membership interest.

Eligible policyholders are those with Principal Life policies or contracts in force on March 31, 2000, one year prior to the adoption of the Plan of Conversion by the Board of Directors, who owned an eligible policy or contract continuously from that date until October 26, 2001.

All eligible policyholders were allocated at least 100 shares of Principal Financial Group, Inc. common stock, or the equivalent in cash or policy credits, as well as a variable component based on several factors, including policy value. The cash credit for lost policyholders is $18.50 per share entitlement. One year from the date of the Initial Public Offering the stock had appreciated 53%.

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.

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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