The Illinois Department of Insurance has announced that its Life Policy Locator helped return more than $8.5 million to consumers in lost or unclaimed life insurance policies and annuities this year.
The Department encourages anyone who believes they are a beneficiary of a deceased relative’s unclaimed policy to use the free locator tool on its website.
Department of Insurance Acting Director Ann Gillespie says in times of grief, it may be difficult to find life insurance policies and annuity contracts that a loved one may have purchased years or even decades ago. She reports the agency is here to help Illinoisans claim the benefits to which they are entitled: “The agency requires insurance companies to attempt to find the beneficiaries of deceased policyholders when life insurance or annuity proceeds remain unpaid, and the Life Policy Locator Service can be the first step in that process.”
The National Association of Insurance Commissioners (NAIC) reports that millions of dollars in life insurance benefits remain unclaimed each year.
You can check for unclaimed life insurance policies at these sites:
- IDOI: Life Policy Locator
- Illinois State Treasurer: https://icash.illinoistreasurer.gov/
- National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator: Life Insurance Policy Locator (naic.org)
If you need additional assistance, you can contact the Illinois Department of Insurance at DOI.LifePolicyLocator@illinois.gov or call (866) 445-5364.
