Unclaimed life insurance in Quebec, more numerous than you think!

Unclaimed life insurance in Quebec, more numerous than you think!


Unclaimed life insurance, can it be? Absoutely! As proof, check the newspapers and you will see plenty of research notices. Revenu Québec also publishes this type of notice on a regular basis. The goal behind these posts? Find the owners, heirs or beneficiaries of property, including unclaimed life insurance in Quebec.

Insurance is held unclaimed when no action has been taken against it for three years. The insurer must also not have found the owner or beneficiary, despite numerous means used. Notices of non-claims appear in the public notices section of the Gazette officielle du Québec, in addition to appearing in some major dailies. Unclaimed insurance (and property) will also be entered in a public register and ultimately the insurer will attempt to locate the beneficiary by searching the Internet and in death notices.

The conditions of unclaimed life insurance in Quebec

If, after three years (this is the prescribed period for life insurance, but it may vary depending on the nature of the product), the amount due for life insurance (and other property) has never been claimed, it will be paid into the Generations Fund of the Government of Quebec, which is used exclusively to repay the national debt. As an indication, in 2016, this reimbursement amounted to $ 238 million.

Since 2006, Revenu Quebec has been responsible for administering property left behind in Quebec, including unclaimed life insurance. The waiver on the part of the beneficiary also constitutes unclaimed property.

Unclaimed life insurance in Quebec, the next step

The no-claim status for insurance is the last resort. For example, despite its best efforts, the insurer could never reach the owner or beneficiary of the insurance. He'll have dialed the last phone number many times and gone through the file from top to bottom. He will also have done research on the Internet, as well as with credit bureaus such as Equifax. If the amount is large, it is even possible that the insurer had to hire a professional investigator. So, at the end of the three years, the insurer will contact Revenu Québec to let it know that the amount will be returned to it.

Now suppose you happen to find out that you are the beneficiary of unclaimed life insurance. From there, you will have 10 years to recover an amount of $ 500 or less from Revenu Québec. If the amount is larger, there is no time limit. It is important to note, however, that Revenu Québec will deduct a small amount to cover administrative costs, out of the amount owed to you, varying according to the services and the value.