Californians have claimed more than $17.3 million in life insurance benefits in the last 12 months, and more than $33.8 million since the state debuted its “Life Insurance Policy Locator,” according to the California Department of Insurance.
“This policy locator has made a meaningful difference in thousands of Californians’ lives,” California Insurance Commissioner Dave Jones said in a statement.
Californians can check whether they have any death benefits awaiting them by visiting the locator tool at http://www.insurance.ca.gov/01-consumers/105-type/6-lifeAnnuity/LocateLifeInsurancePolicy.cfm.
“This tool efficiently connects consumers with lost policies and money they’re owed,” Jones said.
Nationwide, nearly 25,000 people across the United States have been discovered life insurance payouts totaling more than $368 million.
The policy locator, which is free of charge, will assist users in checking through the records of deceased benefactors, including safe deposit boxes, bank accounts and income tax records.
“Prior to utilizing this service, you are required to conduct a diligent search of the deceased person’s records,” according to the California Department of Insurance website.
If a life insurance policy is found but the company offering it cannot be located, the state maintains a consumer hotline at 1-800-927-4357.