As a responsible, purpose-led company, we understand that our commitment extends beyond providing coverage. It also involves empowering our valued policyholders with knowledge, and ensuring they receive the benefits they deserve.
What Are Unclaimed Benefits?
Unclaimed benefits refer to policy proceeds, investment returns, or retirement savings that remain untouched by beneficiaries or policyholders. These funds often accumulate due to various reasons:
Lack of Awareness: Many individuals are unaware of their entitlements or the existence of unclaimed benefits.
Change of Contact Information: If your contact details change (address, phone number, email), it becomes challenging for insurers to reach you.
Deceased Policyholders: In cases where a policyholder passes away, beneficiaries may not be aware of the policy or how to claim.
Lost Policies: Misplaced or lost policy documents can hinder the claims process.
Unclaimed Benefits represent the hard-earned money that you spent ensuring you and your family had cover. Ensuring that valid claims are paid, you enhance your financial security and potentially improve your quality of life. Furthermore, knowing that your loved ones will receive the benefits they deserve, brings peace of mind.
Interestingly, Unclaimed Benefits contribute to the significant gap in South Africa’s retirement savings, by addressing this issue, we collectively strengthen our financial landscape.
How Can You Take Action?
Stay Informed. Regularly review your policy documents and understand the benefits you’re entitled to. Keep your contact information updated with your insurer.
The Registrar of Pension funds provides a central database on the FSCA website. Through this search engine, members of the public can ascertain if there are any unclaimed benefits due to them. They will be required to provide basic information onto the Unclaimed Benefits Search Engine, i.e. name, surname, identification number, fund name, name of employer, etc. in order for the search engine to check if there is a possible match. On a successful match, the enquirer will be provided with the contact detail of the fund and/or administrator. It must be emphasised that the FSCA can only assist by providing the contact details of the relevant fund and/or administrator, after which the enquirer will have to contact the fund directly and follow the normal claims process of a fund, to prove a valid claim.
At Evolution Life, we prioritize your financial well-being. By educating our customers about unclaimed benefits, we aim to bridge the gap and ensure that every policyholder receives what they rightfully deserve. Remember, your financial future matters, and unclaimed benefits are a crucial part of it.
