New York State Department of Financial Services announced $386 million of unclaimed life insurance benefits has been paid to over 25,000 New York residents.
Previously, if a family member did not know there was a life insurance policy, or forgot to file a claim, the benefit went unpaid. Unclaimed money is transferred to the state for safekeeping until heirs step forward to claim the benefit.
New York State has a free online policy finder to help residents locate lost or misplaced life insurance policies or annuity contracts.
Note: Ask me about the Emergency Response System. As a licensed Life, Accident and Health Insurance professional I use the ERS to advise your beneficiaries and designated family members of your protection decisions. Please call me at 1-800-503-1972 or Book an Appointment on my calendar for a complimentary and confidential consultation.