IODI: Life Policy Locator Can Find Relatives’ Lost/Missing Life Insurance

IODI: Life Policy Locator Can Find Relatives’ Lost/Missing Life Insurance

(WRXX) – If you believe that you’re the beneficiary of a deceased relative’s lost or missing life insurance policy, but you don’t know where to start your search, the Illinois Department of Insurance (IODI) said Tuesday they can help.

This year, IDOI said they have helped consumers find and collect more than $7.9 million from lost or unclaimed life insurance policies using their Life Policy Locator.

IDOI Director Dana Popish Severinghaus said they encourage anyone trying to find unclaimed benefits to use their life policy locator service “to get the funds that they deserve.”

The National Association of Insurance Commissioners (NAIC) reported that millions of dollars in life insurance benefits remain unclaimed each year.

While Illinois law requires insurance companies to attempt to find the beneficiaries of deceased policyholders when life insurance proceeds remain unpaid, IDOI’s Life Policy Locator assists consumers begin the search on their own.

In Illinois, unclaimed life insurance policies can be located with the Illinois Department of Insurance, Illinois State Treasurer and the National Association of Insurance, and the National Association of Insurance Commissioners.

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