Noteboom The Law Firm

Unclaimed Millions Available To Veterans

January 10, 2011 - The Department of Veterans Affairs (VA) is sitting on about $33 million in unclaimed funds ready for dispersal to veterans or their families. Being that it is unclaimed, it is apparent rightful beneficiaries have no idea the money is available. Yet, the money derives from multiple sources.

The unclaimed VA funds are an accumulation of:

• unclaimed life insurance payments;
• refunds; and
• dividend Checks.

The monies have been accumulating since 1917; the year when the VA began their life insurance programs. Although some payments may be as large as $4,000, the majority of them range between $5 and $750. The amount of the payout will depend of the soldier's original premiums; the level of coverage increased drastically, starting somewhere in the mid 1950's.

The bulk of the funds are from WWII, when the majority of people who enrolled in the insurance programs first signed up. The federal government is not the only entity holding such funds. States hold billions in unclaimed funds in their accounts, some of which veterans or their families may be entitled to.

None of these funds relate to active duty soldiers. Veterans and veterans' survivors are the ones entitled to these funds, and the earned money should be collected.