Stay Alert – Beware of Unclaimed Life Insurance Scams

People are telling the FTC they've received letters in the mail from law firms about unclaimed life insurance money. The "lawyer" says that one of their clients, with your same last name, died and you're the heir to a life insurance policy worth millions.

We hate to be the bearer of bad news, but if you receive a letter like this, you're not about to be rich. You're about to be scammed.

The letter will say they'd like to split the proceeds between you, some charity organizations, and their law firm. It might sound convincing at first, with the firm supposedly trying to contact family members and finding no heir to "the fortune." You might even be tempted to reply, since maybe the worst that could happen is you don't get a share of the money. 

But something worse could happen. If you contact them, they'll try to get your personal and financial information (like your Social Security or bank account numbers), your money, or all of the above. And that life insurance policy or inheritance? It doesn't exist. 

Here's what to do if you get one of these letters:

• Don't respond. Keep your money and information to yourself. Never send money or information to a stranger who promises big rewards. That's always a scam.
• Pass this information on to a friend. You probably throw away these kinds of letters, but you probably know someone who could use a friendly reminder that these are scams.
• Report it to the FTC at ReportFraud.ftc​.gov.