What happens if we are unable to reach you, your beneficiaries or dependents?
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 to contact you or your beneficiaries using the contact details you have provided us. This includes historical records and records held by different divisions with Momentum Metropolitan Life Limited.
If we are still unable to 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 ten 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 payment of assets.