Illinois Consumers Reclaim Nearly $20 Million in Unclaimed Life Insurance Policies (Chicago, IL) – Illinois residents recovered nearly $20 million in unclaimed life insurance benefits this year through a free state service, the Illinois Department of Insurance (IDOI) announced this week.
The agency’s Life Policy Locator service helped return $19.6 million from lost or forgotten life insurance policies and annuities to beneficiaries. The announcement comes during Life Insurance Awareness Month, which highlights the importance of financial planning and consumer resources.
“September is an ideal time to remind Illinoisans to use the free Life Policy Locator tool on our website if they believe they are the beneficiary of a deceased loved one’s unclaimed policy,” said IDOI Director Ann Gillespie. “Illinois requires insurance companies to attempt to find the beneficiaries of deceased policyholders when life insurance or annuity proceeds remain unpaid. We want to help people claim those benefits.”
According to the National Association of Insurance Commissioners (NAIC), millions of dollars in life insurance benefits go unclaimed nationwide each year. Illinois consumers can search for unclaimed policies using the IDOI’s locator tool, the Illinois State Treasurer’s iCash program, or NAIC’s Life Insurance Policy Locator.
The IDOI has also introduced new resources, including Life Insurance and Annuities 101, available in both English and Spanish, to help consumers better understand their policies.
Illinois Consumers Reclaim Nearly $20 Million in Unclaimed Life Insurance Policies
