Unclaimed life insurance payments total $64.6 million, according to latest figures from the Australian Securities and Investments Commission (ASIC).

By region, the largest unclaimed total is in NSW, with $26 million, followed by Victoria at $16 million. The smallest pot is in the NT, with $600,000.

The payments have remained unclaimed for seven years after policies have matured.

Former policyholders can check for unclaimed money using ASIC’s MoneySmart website.

There is no time limit on claims.

Assistant Treasurer Kelly O’Dwyer says last year more than 25,000 people made successful claims for forgotten life insurance and banking money, amounting to $158.4 million.

“There is a wide range of amounts of unclaimed money waiting to be claimed – ranging from a few cents to more than $1 million,” she said.