PEORIA – State Senator Dave Koehler is encouraging those who may be the beneficiary of a lost or missing life insurance policy to use the Illinois Department of Insurance’s Life Policy Locator.
“When grieving over a loved one, no one wants to stress over logistics,” said Koehler (D-Peoria). “IDOI can help take away the additional stress, time and burden of searching for a lost life insurance policy. If anyone feels they have unclaimed benefits, I urge them to use this service.”
Illinois law requires insurance companies to attempt to find the beneficiaries of deceased policyholders when life insurance proceeds remain unpaid, however the National Association of Insurance Commissioners reports millions of dollars in life insurance benefits remain unclaimed every year. IDOI’s Life Policy Locator can assist consumers who want to begin the search on their own. The Illinois Department of Insurance has helped recipients of life insurance find and collect more than $7.9 million from lost or unclaimed life insurance policies.
Additional sites to find unclaimed life insurance policies are:
- Illinois State Treasurer
- National Association of Insurance Commissioners Life Insurance Policy Locator
“Losing a family member is already hard enough,” Koehler said. “It is important for families to know about these resources so they can take advantage of them and make their lives a little easier.”
September is life insurance awareness month. If you believe you are the beneficiary of an unclaimed policy, please use the above tools to assist you in your search.