Around 5,500 customers have received a surprise Christmas bonus this year when they were reunited with unclaimed insurance funds.

The finances were tracked down by a life insurance provider, as part of its unclaimed assets campaign.

The firm has recently passed its target, set in 2007, to return £40 million in unclaimed funds to its customers and has now set its sights on hitting £50 million.

In the latest mailing, customers will receive an average payment of £1,000 - which will come as a complete surprise, as each took out endowment policies back in the 1980s.

In early 2007, the group reunited around 4,000 fishermen with almost £2.5 million in its 'Find a Fisherman' campaign. Trawling through life and pension schemes dating as far back as the 1950s, it has gone on to reunite funds to more than 15,000 customers as it smashed its £40 million target.

Customers pleased to receive their forgotten assets

Toby Strauss, the chief operating officer at the company said: "Our campaign over the last two years has proved extremely successful. Although returning unclaimed assets isn't easy, and can involve extensive investigation work, our customers are always pleased to receive assets they had forgotten about."

Mr Strauss also added: "Unclaimed assets are common across the whole industry. People often lose track of insurance policies, particularly when moving house or job."

A customer recently reunited with his money, said: "I'm really pleased to have received this money. I had no idea that there were funds belonging to me from my first endowment policy, and as I've moved about a bit I'm surprised I was found. The money is going to come in really handy as I'm going to buy myself a home entertainment system."

Another customer, from Kent, stated: "I'm thrilled to pieces. I've put a bit away and spent a bit on myself and my partner."

A third, also from Kent, said: "I knew the money was there somewhere but with the company name changing over time I'd lost track of it. I've treated myself to a new kitchen."

Consider a New Year's resolution to take out life cover

This New Year after all the presents have been opened, the food has been scoffed, and the wine drank, make sure your finances are fit to cope with the cost of that very merry Christmas, to ensure it also turns out to be a happy 2010.

Price wars between life insurance providers are apparent and with a continued fall in premiums, consumers could be wasting thousands of pounds by not reviewing their policies, advises LifeSearch.

The difference between the cheapest and most expensive products can be significant, especially when multiplied over the term of a policy, so check with an independent adviser to see if you can get your policy at a cheaper rate.

Also policyholders are being advised that if they have given up smoking for over 12 months, it could be worth considering whether to rebroke the policy, as they can potentially save hundreds of pounds with a cheaper premium.

Although a cheaper premium is not certain, because it is dependent on factors such as age and health, there is a very good chance that the premium will fall.

Matt Morris, LifeSearch's senior policy adviser, says: "It is important to remember that price should not be the only consideration when choosing a Financial Protection product and customers should look for the policy that offers the best value for money. This means looking at the product which most suits individual circumstances and offers additional benefits.

"Importantly, if you are going to switch policies, do not cancel your existing policy until the new one is in place."