Billions of Rands in unclaimed benefits from life policies and investments are held by insurers and investment firms, so it's important for you to know how long you can claim these unclaimed benefits.

 

Most insurers, particularly those in the Association of Savings and Investments South Africa(ASISA), will honour your claims with no time limit. That’s because ASISA members don’t follow the Prescription Act, which usually limits claims to three years. Instead, they ensure you can claim your money at any time, and it won’t go back to the company or its shareholders.

 

These companies may try to remind you or deceased family members about unclaimed funds, or employ tracing agents to find you, but success of this isn’t guaranteed. So remember that it’s important to keep your contact information updated with your insurance or investment company to avoid complications in claiming your money.

 

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