Robert Crawford took the money over 13 years while working in the annuities department of Scottish Widows.
He was sentenced to two years imprisonment at Livingston Sheriff Court today.
Crawford took £600,000 from policies which had not been claimed between May 2001 and December 2014.
The embezzlement was discovered when Scottish Widows was contacted about a forgotten policy. An investigation discovered the funds had been moved to Crawford’s account.
He was found to have spent some of the money on luxury holidays including a nine-week trip to Australia and New Zealand, and a journey on the Trans Siberian Railway which is believed to have cost £20,000.
The court heard today that Crawford has repaid £600,000 to Scottish Widows.
Andrew Richardson, Procurator Fiscal for Lothian and Borders, said:
“Robert Crawford embezzled significant sums of money over years of employment, using other people’s investments to fund a lifestyle he was not entitled to.
“We will use all the powers available to us to prosecute those who would use their position for criminal gain.”