September is Life Insurance Awareness Month; If you think an insurance company failed to pay after a loved one passed on, the Illinois Department of Insurance is here to help.
By The Chicago Defender
The Illinois Department of Insurance can help you find out if you’re owed a portion of the millions of dollars in life insurance benefits that go unclaimed every year. So far in 2019, 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 aren’t aware a policy exists, don’t know which company issued it, or can’t 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’s already 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 simple for consumers to search on their own.
Here in Illinois, residents can check for unclaimed life insurance policies at these sites:
• IDOI: https://insurance.illinois.gov/Applications/LifePolicyLocator/
• Illinois State Treasurer: https://icash.illinoistreasurer.gov/
• National Association of Insurance Commissioners (NAIC)
Life Insurance Policy Locator: https://eapps.naic.org/life-policy-locator/#/welcome
For additional assistance, contact the Illinois Department of Insurance at DOI.LifePolicyLocator@illinois.gov or call (866)445-5364.
This article originally appeared In the Chicago Defender.
