Are you owed insurance money?
Unclaimed assets refer to any monies due to a person that remains unpaid or unclaimed. When a claim needs to be paid, the first thing we will do is contact you, your beneficiaries, or dependents. To make sure that we are able to do this, it is very important that you inform us of any changes to your, your beneficiaries or dependents’ contact details.
What happens if we can't reach you, your dependents or beneficiaries?
When you take out a life insurance policy with us, you give us consent to carry out the below procedures, in accordance with the ASISA Standard on Unclaimed Assets, in our attempt to process the claim.
We will first try contacting you or your beneficiaries using your provided contact details. This includes historical records and records held by different divisions with Momentum Metropolitan Life Limited.
If we cannot reach you, we will try to obtain your or your beneficiaries’ most recent contact details from external information providers (e.g. the Department of Home Affairs or a credit bureau).
If the assets are still unclaimed after 10 years of the claim conditions being met, and we are still unable to reach you or your beneficiaries, we will appoint an external tracing company to trace you and/or your beneficiaries.
Should we need to appoint an external tracing company to locate you or your beneficiaries, tracing fees may apply and may be deducted from the benefit payout. These costs are not determinable at this stage and will depend on the tracing activities involved.
Any unclaimed assets will earn growth according to our practice for handling late payments of assets.
Keep your beneficiary details up-to-date
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