when the unexpected happens

When the Unexpected Happens: Making Sure Nothing Gets Missed

ByJenny Pearse

Losing someone you love is one of life’s most difficult experiences. In those moments, your focus is where it should be, on family, support, and simply getting through each day.

But alongside the emotional toll, there are often practical responsibilities that need attention. Important documents need to be found. Financial matters need to be understood. And decisions sometimes complex ones need to be made.

It’s during these times that things can easily be missed.

Policies may exist that no one knew about. Key information may not be where it’s expected. And in some cases, financial benefits that were meant to support loved ones may never be claimed.

That’s why having your financial affairs clearly documented and ensuring your family and adviser know where everything is can make such a meaningful difference when it matters most.

The Hidden Risk: Unclaimed Life Insurance

It may come as a surprise, but there is a significant amount of unclaimed money in Australia.

According to MoneySmart, there is around $2 billion in unclaimed money, including lost shares, bank accounts and life insurance policies.

In many cases, this money goes unclaimed not because it isn’t needed but because no one knows it exists.

There are several common reasons why life insurance benefits may be missed:

  • Beneficiary nominations haven’t been updated
  • Loved ones were unaware a policy existed
  • Contact details are out of date
  • Policies are held across multiple providers or through superannuation

These aren’t uncommon situations, they’re simply the result of life moving on and details not being revisited.

Where Does the Money Go?

Life insurance providers will generally hold unclaimed benefits for a period of time. If they are unable to locate beneficiaries, the funds are eventually transferred to the Australian Securities and Investments Commission (ASIC) as unclaimed money.

While the money doesn’t disappear, accessing it later can take time, effort, and additional stress for families already navigating loss.

How to Check for Unclaimed Life Insurance

If you are managing the affairs of a loved one, there are a few practical steps you can take:

1. Review personal records
Look through paperwork, emails, bank statements and employer benefits for any reference to insurance.

2. Contact known providers
If you are aware of an insurer or super fund, reach out directly with the relevant details.

3. Search via MoneySmart
The MoneySmart website provides access to ASIC’s unclaimed money search, where you can look up policies using a name or reference number.

The Role of Advice: Bringing Everything Together

While these steps are helpful, the most effective way to avoid missed opportunities is to ensure everything is structured and documented well in advance.

At JBS Financial, we see our role as more than just providing advice, we help bring all aspects of your financial life together so that nothing is left to chance.

This includes:

  • Ensuring your insurance policies are known and appropriately structured
  • Keeping beneficiary nominations up to date
  • Aligning your insurance with your broader estate planning
  • Helping your family understand what exists and where to find it

Life insurance is ultimately about protecting the people who matter most. As highlighted by the Council of Australian Life Insurers, it plays a critical role in helping families maintain financial stability during some of life’s most challenging moments.

“At a time when families need clarity and support the most, having everything in order can make an enormous difference. It’s not just about the financial outcome, it’s about reducing stress and uncertainty for the people you care about.”
— Jenny Brown, CEO, JBS Financial

A Simple Step That Makes a Big Difference

One of the most powerful things you can do is ensure your loved ones and your adviser, have a clear understanding of your financial position.

This doesn’t need to be complicated. It might include:

  • Keeping key documents in one secure location
  • Letting your family know what policies exist
  • Reviewing your arrangements regularly
  • Working with a trusted adviser to keep everything aligned

These small steps can make a significant difference when it matters most.

Final Thought: Protecting More Than Just Finances

Life insurance is designed to provide support at a time when it’s needed most. But for that support to reach the right people, it needs to be visible, accessible, and understood.

At JBS Financial, we help ensure that nothing is overlooked—so that your plans work as intended, and your family is supported when it matters most.

If you haven’t reviewed your insurance or estate planning recently, now is a good time to start the conversation. Contact our team here.

Sources

  • MoneySmart
  • Council of Australian Life Insurers
  • TAL, how to find and claim unclaimed life insurance monies

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