Most insurance policies require you to pay monthly premiums in exchange for holding a policy. When you’re paying insurance premiums, you may think to yourself that it would be nice if the insurance company paid you instead.
Well, there is some good news: sometimes this is the case. Keep reading to learn how you can determine if you may have unclaimed insurance money waiting for you!
Unclaimed VA Insurance Funds
Veterans and military service members who qualify under the Veterans Affairs criteria might be eligible for VA life insurance. When the veteran or service member with this kind of policy passes away, his or her surviving spouse and children may be entitled to the benefit.
However, the government is sometimes unable to locate some of these individuals. Therefore, there are plenty of unclaimed insurance policies that are currently being held by the VA until the rightful owners come forward.
You can locate a lost life insurance policy if your loved one had one of certain types of government-provided life insurance. These include the following:
- United States Government Life
- National Service Life Insurance
- Veterans Special Life Insurance
- Veterans Reopened Insurance
- Service-Disabled Life Insurance
You can search the VA’s unclaimed life insurance database on its website to find VA unclaimed insurance funds that belong to your family. Note that not all military unclaimed life insurance is searchable here; only those policies outlined above would be contained in the results.
If you find your name in the database, you may be entitled to a VA insurance policy benefit. If you are a spouse or family member of a deceased veteran claiming benefits, you’ll need to complete VA Form 29-541: Certificate Showing Residence and Heirs of Deceased Veteran or Beneficiary. You can download the form on the VA’s website.
Once the form is complete, you can either submit it online on the VA’s Unclaimed Funds web page, or by mail to:
Department of Veteran Affairs
Regional Office and Insurance Center
P.O. Box 7208
Philadelphia, PA 19101
FHA Insurance Refunds
Another surprising place you might find free money is unclaimed FHA refunds. If you ever had an FHA-insured mortgage, you may be due a refund.
This insurance program is administered through the Department of Housing and Urban Development (HUD). To find a HUD refund, simply search the HUD database online. If you overpaid your FHA mortgage insurance, the lender canceled the transaction after you paid or your case was not endorsed and became inactive, you could be owed an FHA mortgage insurance refund.