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Illinois residents gather greater than $15M from life insurance coverage insurance policies this 12 months

CHICAGO — Illinois residents have been able to collect more than $15 million from lost or unclaimed life insurance policies this year with help from the Department of Insurance, according to state officials.

Illinois Department of Insurance Director Robert Muriel said about 25% of life insurance policies aren’t paid to beneficiaries because family members are unaware of the coverage or don’t have necessary paperwork.

Muriel said residents can get help finding insurance policies issued to a deceased family member by filing a request online.

He said insurance companies are legally required to try and locate someone’s beneficiaries, but residents who think an insurer failed to pay can get help from the state.

Copyright © 2019 by The Associated Press. All Rights Reserved.


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