If you think you might be entitled to lost money from an unclaimed life insurance policy it is a simple matter to conduct a free search for possible unclaimed funds. The insurance company or the state will have the exact guidelines when it comes to proper identification of unclaimed life insurance benefits. Louisiana S Treasury Department Audits Find 31m In Unclaimed Life Life insurers who paid out 745 billion in benefits in 2015 make efforts to find the rightful owners of unclaimed insurance proceeds says whit cornman a spokesman for the american council of. How to find unclaimed life insurance . Because it is the job of beneficiaries to notify the life insurance company of a policy owners death more than one quarter of all life insurance policy benefits go unclaimed because family members simply arent aware a policy exists or dont know how to find it. What happens to unclaimed life insurance payouts depends on what type of policy was issued and whe