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Illinois agency can help find unclaimed life insurance money

Close up of Life Insurance Policy with pen, calculator

CHICAGO – Illinois officials say 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.

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

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

He says 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.

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