Firm turns policies into works of art to save Britons losing out on £15 billion of ‘forgotten’ money

Banks, pension companies and insurers owe Brits an incredible £15 billion, which must be claimed if it is not to be lost forever and one firm has hit upon a novel idea to help British savers forgetting their cash -by turning it into art.

Life insurer Beagle Street says there is currently £3 billion in National Savings & Investments accounts, £3 billion in unfulfilled shares and dividends, and £50 million in unclaimed Premium Bonds, as well as an estimated £5 billion in dormant bank accounts, £3 billion sitting in unclaimed pensions and £1 billion in missing life insurance policies.

And, in the last six months alone, more than £8.5 million has been lying idle in Lottery prize money, including one £4.6 million jackpot-winning ticket bought in Barking, east London.

While it seems incredible that so much money could be left neglected, Beagle Street says that over the years it’s easy to see how people can lose paperwork, move house and fail to update their address, and simply forget about savings, pensions and investments that they’ve had nothing to do with for years.

In fact, losing details was the most common reason for the £1 billion worth of insurance policies going unclaimed, so Beagle Street has opted for the bizarre solution of turning its policies into art -so people hang them on the wall and never forget them.

The artists behind the new life insurance policy art include Jessica Albarn, sister of Blur frontman Damon, and leading typography print-maker Anthony Burrill.

Each piece of art is embroidered with “enjoy life” on the front, with customer’s policy details printed on the back.

If money that is left sitting in bank accounts is not claimed within 15 years of lying idle, it will be collected by the government, with its first claim on dormant funds estimated to be £60 million to £100 million.

Matthew Gledhill, managing director of Beagle Street, said: “There is simply too much money sitting unclaimed and far too many people who are missing out on money that is rightfully theirs.

“For people who have experienced bereavement in the family, a life insurance policy could be a lifeline but there are clearly people who do not know they have been financially protected or have forgotten their policy even exists.

“We hope our customers never need to use their cover but by turning our policies into art that can be hung on the wall we’re making it really easy.”