Illinois Consumers Recover Nearly $20 Million From Life Insurance Policies

CHICAGO — The Illinois Department of Insurance said nearly $19.6 million was returned to residents this year through its free Life Policy Locator service, which helps beneficiaries identify lost or unclaimed life insurance policies and annuities. The program, offered in partnership with the National Association of Insurance Commissioners, assists consumers in finding unpaid benefits when insurers cannot locate beneficiaries. State officials encouraged residents to check for unclaimed funds through IDOI, the Illinois State Treasurer’s office, or NAIC as millions of dollars in life insurance benefits go unclaimed nationwide each year.