Missing Life Insurance Policy Search

Unclaimed Life Insurance Policy Benefits Search - Demutualization Claims

Sun Life Insurance Company - Clarica

Life Insurance Setlement

On March 22, 2000, Sun Life Assurance Company of Canada completed its $1.2 billion demutualization and became Sun Life Financial Inc.

In May of 2002, Sun Life Financial acquired Ontario-based Clarica, for $4.7 billion. Clarica itself had demutualized in July 1999.

The number of shares allocated to each eligible Sun Life policyholder varied widely. Owners of participating insurance policies in force as of January 27, 1998, were eligible for demutualization benefits in the form of shares or cash. The minimum allocation was 75 shares, plus a variable component based on a number of factors. The average allocation was 378 shares. In the years since demutualization, approximately one-half of those eligible have been located and claimed demutualization benefits.

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.

Click on the search icon or select a company from the list below 

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American Mutual Life / Amerus Manufacturers Life / Manulife Principal Mutual Life
Anthem Insurance Metropolitan Life / MetLife Provident Mutual Life
Central Life Assurance Mutual of New York / MONY Prudential Life
Equitable / Axa Mutual Service Life Standard Insurance
General American Life Nationwide / Allied Mutual State Mutual / Allmerica
Indianapolis Life Northwestern / ReliaStar Sun Life / Clarica
John Hancock Mutual Life Phoenix Home Life Unum Mutual / Unum



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