(WAND) - The Illinois Department of Insurance is working to help people reclaim life insurance benefits.
So far this year, IDOI has helped consumers find and collect more than $15 million from lost or unclaimed life insurance policies.
An estimated 1-in-4 life insurance policies go unpaid when an insured person dies, because family members are not aware a policy exists, do not know which company issued it, or cannot find the paperwork.
“Insurance companies have a duty to pay Illinois consumers who are the rightful beneficiaries of life insurance policies” says IDOI Director Robert Muriel. “We encourage everyone to use the policy locators to search for unclaimed life insurance benefits. If your loved one paid to protect your tomorrow, you deserve to have the money you’re owed.”
It is the law in Illinois that insurance companies must attempt to locate the beneficiaries of deceased policyholders when life insurance proceeds remain unpaid, but IDOI makes it easy for people to search on their own.
In Illinois, you can check for unclaimed life insurance policies at these sites: