In the insurance and investment business they use the term ‘orphaned money.’ This is money which has been paid into policies but people have stopped paying into them and the Insurance or Investment Company has turned the account into a paid up policy.
Most of us began policies in our early 20s to early 30s and they became simple debit orders which we just never thought about any more.
Sadly many people, when emigrating, just stopped paying into these policies.
Because of the laws, no matter where you live in the world, this money can only be paid out to the named owner of the policy or the named beneficiary.
The industry has to try and trail these policy holders to pay out. If you have any policy in SA and just left it, for whatever reason, that money is still sitting there waiting for you to claim it. There is R1 billion waiting to be claimed. It still belongs to you.
You can claim it, you can have it, and you can transfer it. You do not have to be over 55 any longer. Rand Rescue can easily help you. We offer this useful service. Just email us or phone us.