For example, MetLife has an online search. Life insurance: For benefits not held by the state, check the insurer's site directly.State-held unclaimed property: Visit NAUPA's for a map with links to each state's program."Once it goes to the state, it's unlikely that the rightful owner will be found," said Mark Paolillo, a Massachusetts-based accountant and Ryan LLC's abandoned and unclaimed property practice leader.Īre you owed money? Here's where you can find out. But in many cases, beneficiaries remain unaware of their policy claim and many of their current addresses are unknown, making it hard for the funds to be connected with their rightful owner. Through the settlements, those balances are being reinstated and remitted to the states. In some cases, companies would continue collecting premium payments from the policy's value for years after the insured's death, depleting the cash reserves down to zero.
The state auditors found that many insurers would use the Social Security Administration's Death Master File to cancel annuity payments to clients who passed away, but not to start issuing payments to their beneficiaries. Related: $800 million in lottery prizes go unclaimed The settlement is one of several reached last year with major insurers, including MetLife ( MET), Prudential ( PRU) and Nationwide after regulators in 20 states audit ed the methods they used to locate life insurance beneficiaries after a policyholder's death. Even if the owner dies, then their heirs could come back and claim it," said Carolyn Atkinson, West Virginia's deputy treasurer for unclaimed property and a past president of National Association of Unclaimed Property Administrators.įlorida's chief financial officer announced this month that the state had received 61,271 new unclaimed property accounts worth more than $25 million as part of a settlement with insurance company AIG ( AIG). "The money belongs to the owner in perpetuity. Although the states are careful to note that the owner's claim to the property will always remain valid. But every year, the vast majority of unclaimed funds remain in state coffers, where the cash can be used to fund government operations. The states then try to find the owner through websites, newspaper ads and booths at events like state fairs.
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