Most funeral and life policies go unclaimed for one simple reason: the family never knew they existed. R$33.5 billion sits with South African insurers and asset managers today, waiting for around 302,000 policies and accounts whose owners or heirs never came forward.
Last year alone, the sector returned R$22.7 billion to clients and heirs. The money is real. The process works. The hard part is knowing it exists in the first place — especially when the policyholder has passed away and no one in the family was ever told.
FNB Life has already paid out R$500 million in “pro-active claims” by cross-referencing their records with the national population register. Many of those policies had been “lost” for years. The same pattern repeats across most major SA insurers. The check is free, takes a few minutes, and requires no documents up front.
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FNB Life has already paid out R$500 million in “pro-active claims” by cross-referencing their records with the national population register. Many of those policies had been “lost” for years. The same pattern repeats across most major SA insurers.
Why so many policies are never claimed
The most common reason is simple: nobody knew the policy existed. The deceased family member never discussed it, never left paperwork, and the heirs only discover it when they happen to ask the right question at the right time.
Other reasons include outdated contact details (the insurer sent letters to an old address), lost documents after a death, group life cover through an old employer that no one remembered, and policy premiums paid via debit order that no one noticed on bank statements.
Many South Africans are also paying for funeral or life policies they don’t actively think about — especially if the cover was set up years ago during a job change or family event. The premiums come off automatically, the monthly amounts are small, and life moves on. Then the policyholder dies, and no one notices they were paying into an active policy.
It’s never too late: the rule most people don’t know
For ASISA-member insurers, claims do not expire. An old policy from the 1990s can still be paid out today if a legitimate heir comes forward. This is the single most important rule most South Africans don’t know.
For insurers outside ASISA, prescription may apply after three years. That’s still a long window, but it’s the strongest reason to act now rather than wait. The longer you delay, the more paperwork goes missing.
How to trace a policy — step by step
Step 1: Gather what you can. Look through the deceased’s documents for any insurance correspondence, old bank statements (look for regular small debits to insurance companies), emails, and files. Even a single letter, payment, or company name on a statement can be enough to start.
Step 2: Contact the insurers directly. If you know the insurer (Old Mutual, Sanlam, Discovery, Metropolitan, Liberty, Hollard, etc.), contact their claims department. You’ll need to prove your interest as a legitimate heir — certified ID, death certificate, and a relationship document are usually sufficient.
Step 3: If the insurer no longer exists. Many smaller insurers from the 70s, 80s, and 90s were absorbed or wound down. ASISA can help you trace what happened to a specific insurer and direct you to the successor company.
Step 4: Check group life cover. If the deceased ever worked for a medium or large employer, they may have had group life cover as an employee benefit. Contact the former employer’s HR or scheme administrator.
Don’t let time work against you
Documents disappear. Witnesses pass away. Insurers merge or close. The longer you wait, the harder it becomes to prove a policy existed. If you suspect a family member had any kind of life or funeral cover, the time to check is now.
Start the verification. It’s free, it takes a few minutes, and the only thing you can lose is a few minutes of your time.
FAQ — Frequently Asked Questions
How do I find out if a deceased family member had a life or funeral policy?
Search through the deceased’s documents for any insurance correspondence or policy premiums on bank statements. Then contact each insurer directly (Old Mutual, Sanlam, Discovery, etc.) with certified ID, death certificate, and proof of your relationship. ASISA can help trace policies from insurers that no longer exist.
Can I still claim a policy from many years ago?
For ASISA-member insurers, claims do not expire — a policy from the 1990s can still be paid out. For non-ASISA insurers, prescription may apply after 3 years, but the sooner you check the better.
What documents do I need to claim?
Certified copy of your SA ID, the deceased’s death certificate, proof of your relationship to the deceased (marriage certificate, birth certificate, etc.), and any evidence of the policy itself (even a single bank statement with a recurring debit is useful).
What if the insurance company no longer exists?
ASISA can help trace what happened to a specific insurer. Many older insurers were absorbed into larger companies (e.g., Sage into Old Mutual, Liberty Life into Liberty), and the successor company typically holds the original policy records.
Is there a free way to search for lost policies?
Yes. Contacting insurers directly is free. ASISA can also help locate policies from defunct member companies at no cost. Some major insurers (like FNB Life) actively search national records to find unreclaimed policies and contact possible heirs.
What is group life cover and how do I check it?
Group life cover is life insurance provided through an employer as an employee benefit. If the deceased ever worked for a medium or large company, they may have had group life cover worth anywhere from 1x to 5x their annual salary. Contact the former employer’s HR or pension fund administrator to check.
This content is for informational purposes only. We are not affiliated with ASISA, Old Mutual, Sanlam, Discovery, Metropolitan, Liberty, Hollard, FNB Life, or any of the insurers mentioned. Company names cited for informational purposes only. We do not collect your ID number on this page. There is no guarantee of payment or eligibility.
