The State of Illinois Department of Insurance (DOI) recently announced that a new tool is available for helping consumers find insurance money they may be owed.
The Life Policy Locator Service gives executors, legal representatives, or members of the deceased person’s immediate family a way to find a life insurance policy or annuity contract left by a deceased loved one. The service is the result of Acting Director Melissa Dowling’s request to her staff to find a way to help people receive the money they are owed.
“Many times finding life insurance policies can be difficult and time consuming after a loved one’s death,” Dowling said. “But with this new free service, consumers can request help from the Illinois Department of Insurance to simplify the process of locating lost life insurance policies. This search service eliminates the confusion of trying to locate missing life insurance policies or annuity contracts and helps get those benefits to the intended beneficiary.”
For the system to work, executors or those looking for their policy money need to enter all necessary information. The DOI takes the information and contacts all state-licensed life insurance companies, asking them to search their records. Once a policy is found, that insurance company can contact the beneficiary directly.
“I’m delighted that the Department of Insurance will now offer Illinois consumers a free service to inquire about family policies that may have been forgotten or uncovered over the years following a death,” Dowling said.
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