A recent business insider article revealed that there are more than R17billion of unclaimed unit trusts and policies in South Africa. 

There are a number of potential reasons why there are so many unclaimed policies: 

The policyholder could have died without beneficiaries or the beneficiaries are uncontactable or do not know of their unclaimed funds. The policyholder also may have forgotten about the policy, either because many years have passed since it was taken out, or due to dementia. Emigration can also contribute to unclaimed policies.

Currently in South Africa there is no central point to find out if you have an unpaid claim or inheritance from a policy or unit trust. You will have to contact companies directly if you suspect they hold a policy of a deceased loved one. You will also need the relevant documentation to confirm that the claim is to be paid out to you.

To help ensure that your loved ones and heirs benefit from you investments consider the following:

• Inform your heirs of your investments
• Ensure that your documentation is available
• Keep contact information of yourself and beneficiaries up to date