Unclaimed property

If you are the owner or beneficiary of funds in an account with Lincoln Financial Group (LFG), but have lost contact with LFG for a period of time, you may be the rightful owner of unclaimed property. Unclaimed property are assets or funds where the owner cannot be located or has left the account dormant for a prolonged period.

Unclaimed property includes:

  • Dormant accounts
  • Uncashed checks to vendors, insureds, beneficiaries, providers
  • Death benefits/ contract values
  • Matured endowments
  • Life insurance/ Annuity maturity values

What you need to know

LFG is committed to paying all legitimately submitted claims for unclaimed property. To help ensure that your rights are protected, LFG adheres to defined procedures developed with state insurance regulators.

Individual state laws require that LFG considers funds and other assets to be escheated after a period of dormancy, usually ranging from one to five years.  As required by state regulations LFG sends due diligence letters to the last known address on file in an attempt to establish contact and/or pay the rightful owner(s). An example of this letter is  shown here.

If LFG is unable to locate the rightful owner(s), the money will be escheated to the state of the last known address of the property owner as required by law.

What you can do

To avoid dormancy as the primary owner of the policy

Review all contracts or policies you may have with LFG. Work with LFG or your financial advisor to ensure the contact information for you, your beneficiaries or other insureds on your policy or rider is up-to-date. For Group-related policies, provide your employer with updated contact and beneficiary designation information. This will help ensure that LFG can reach the appropriate person when necessary, and that claims are paid promptly and efficiently.

If you have online account access, you can login to confirm your information, including:

o If you have received a letter from LFG informing you that you are a recipient of unclaimed property, respond within thirty days of the date shown on the letter. Use the sample letter here  to verify that the letter you received matches the template. Please refer to the contact information provided in your letter if you have questions about your specific property.

  • Contact details for each insured owner and beneficiary
  • Current addresses and phone numbers
  • Accurate dates of birth and Social Security Numbers.

As the beneficiary or rightful owner of the unclaimed property

  • If you believe that you may be the beneficiary of unclaimed property, you have multiple options for confirming this and claiming your rightful property.
     

    • Complete the Lost Policy Inquiry form to notify LFG that you may be a beneficiary and have lost your policy information. This will start the process to request information. Please expect a response from the Lincoln Lost Policy Inquiry support team within 10 calendar days of submission.

    • Visit the website of the state in which the policy was issued. If the policy in question has been turned over to the state, then you will need to work with the state in order to claim the funds.  Most states allow you to initiate the claim process for unclaimed property online through their websites. If you’re unsure of what state applies, you can use this tool to search across multiple states. Please note if the state requires additional information from Lincoln that we must provide this information directly to the state due to privacy concerns.

    • If you have received a letter from LFG informing you that you are a recipient of unclaimed property, respond within thirty days of the date shown on the letter. Use the sample letter here  to verify that the letter you received matches the template. Please refer to the contact information provided in your letter if you have questions about your specific property.

Information provided in your letter if you have questions about your specific property.


Unclaimed policy/contract values letter template (PDF)
 

Frequently asked questions

Why did I receive an unclaimed property letter from Lincoln (LFG)?

LFG is required by statute to attempt to contact any person or company to whom our records indicate funds (property) are due. Recipients of the letter are encouraged to review their records and take one of the following actions:

  • If the property is due, claim the funds by completing the form and returning it to LFG.
  • If property isn’t due, return the form with a note that the funds are not due.

If the form is not returned to LFG, the funds will be paid to the state of the last known address.

What does this money represent?

The property LFG is holding may be due to you in the form of a check that was not cashed or due to you as a beneficiary relating to a life insurance, retained asset or group policy.

I don't remember having a policy with LFG. Has LFG merged with any other insurance or financial services companies where I could have had a policy?

The policies could have come from a company LFG acquired, or merged with, or for whom LFG administers some of its policies, such as Jefferson Pilot, First Penn-Pacific Life, CIGNA, Aetna, Connecticut General or Kentucky Central Life, Guarantee Life, or Liberty Life Assurance Company of Boston.

How do I know the letter I received is a legitimate request?

LFG encourages all customers to be careful with their identity. To verify the letter you received matches the letter sent by LFG, please review the sample letter provided here . If you have questions about your specific property please call the phone number listed in your letter

Why have I not received this letter earlier?

LFG makes every effort to place all property in the hands of the rightful owner.

  • In the case of uncashed checks, LFG mails a letter to the payee 120 days after the check was issued, asking the payee to cash the check or request a replacement check.
  • If LFG does not receive a response from the payee at that time, LFG is required to hold the funds until the specified time established by the state to escheat.
If I don’t respond to this letter, what will happen to the funds?

All states require that LFG escheat the funds to the state of the last known address on file of the owner.

  • If no address is available, LFG is required to escheat the funds to the state in which the issuing insurance company is domiciled.

Once the funds are escheated to the appropriate state, the claimant would need to work with the state in order to claim the funds.

Why does LFG require personal information?

It enables LFG to take the appropriate action to send the property to the correct person or entity.

If I complete the form I received in the mail, how long will it take to get a check?

It may take up to eight weeks once all required documentation is received. However, if you are the beneficiary claiming funds, it may take longer and additional documentation may be requested at a later date.

I am a beneficiary of the payee. What documentation do I need to provide in order to receive the funds?

Each property requires specific documentation establishing your right to the funds. Examples include:

  • Certified Death Certificate  
  • A copy of an official document establishing your right to the funds

For further clarification, please contact the customer service center by calling the number provided in the letter.

Do I need to have my signature notarized?

LFG requires all signatures to be notarized if the value is greater than $300.

If the letter address contains C/O, (in care of) who can claim the funds?

The letter must be signed by a representative of the C/O firm.

Who do I need to contact if I have additional questions on my policy?

Please see the contact listing on the unclaimed property letter verification page.