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Need help finding lost bank accounts and insurance policies? Thumbnail

Need help finding lost bank accounts and insurance policies?

Wealth Lifestyle

If an insurance policy or bank account is lost, is it lost forever?

The OmbudService for Life & Health Insurance’s (OLHI) search tool will list a deceased person’s insurance policy if no more than two years have passed since the person’s death https://olhi.ca/insurance/search-for-lost-policy/ Nearly all Canadian insurance companies are OLHI members, but policies issued by non-member companies and group policies won’t be listed. In addition, life insurance policies on credit cards or purchased through an association like Costco or the CAA may not show up.

Search for and claim dormant bank accounts held by the Bank of Canada https://www.unclaimedproperties.bankofcanada.ca/  However, this database only includes accounts that have been inactive for more than 10 years, so searches for newer accounts should be directed to the consumer bank holding the account. An account that’s been taken over by the Bank of Canada will only be held for a limited time: 30 years if the balance is less than $1,000 or 100 years if it’s over $1,000.

Although these two databases can help, maintaining updated records is much easier than reclaiming lost accounts and policies.

If my team and I can help in any way please don't hesitate to contact us.

Best regards, Paul