LIFE INSURANCE DOLLARS

The Illinois Department of Insurance has announced that $19.6 million was returned to consumers this year from lost or unclaimed life insurance policies and annuities, thanks to the Life Policy Locator service available to consumers at no charge. IDOI Director Ann Gillespie said Illinois requires insurance companies to attempt to find the beneficiaries of deceased policyholders when life insurance or annuity proceeds remain unpaid. The National Association of Insurance Commissioners (NAIC) reports that millions of dollars in life insurance benefits remain unclaimed each year.