The Illinois Department of Insurance says $9.3 million has been returned to consumers this year through its Life Policy Locator service, which helps families locate lost or unclaimed life insurance policies and annuities.
IDOI Director Ann Gillespie said families may not always be aware that a deceased loved one purchased life insurance or an annuity intended to provide financial security. The department’s locator service is available at no charge.
Under Illinois law, insurance companies are required to attempt to locate beneficiaries when proceeds from a deceased policyholder’s life insurance policy or annuity remain unpaid.
The National Association of Insurance Commissioners reports that millions of dollars in life insurance benefits go unclaimed each year.
Illinois residents looking for possible unclaimed benefits can use the Illinois Department of Insurance Life Policy Locator. Searches can also be conducted through the Illinois State Treasurer’s I-CASH program or the NAIC Life Insurance Policy Locator.
If you need additional assistance, contact the Illinois Department of Insurance at DOI.LifePolicyLocator@illinois.gov or call (866) 445-5364.