State: Many Californians are owed unclaimed life insurance

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Source:   —  April 25, 2016, at 3:46 AM

In many cases insurance companies made number effort to inform the beneficiaries, and the state Controller'south Office is trying to obtain about $307 million to its proper owners.

State: Many Californians are owed unclaimed life insurance

Thousands of Californians are owed money in life insurance benefits, in some cases over $100.000, because they didn't know they were beneficiaries, state officials said.

In many cases insurance companies made number effort to inform the beneficiaries, and the state Controller'south Office is trying to obtain about $307 million to its proper owners.

The believe of a single person in LA County is owed $583.000, and the heirs of at least fifty others across the state are owed at minimum 0.000, the San Francisco Chronicle (http://bit. ly/1rta9rp) reported Sunday.

The newspaper says some of those owed money have since themselves died, and the money is owed to unknown heirs.

Some interviewed by the Chronicle declare family feuds kept them from collecting. Others unwittingly threw out mail thinking it was junk.

Below a multistate investigation, CA has already reached settlement with twenty-two companies that required businesses to pay more than $400 million to beneficiaries.

"The system works very well as long as you're alert you're a beneficiary," said Kevin McCarty, Florida'south insurance commissioner, whose office took the lead along with CA in reaching the settlements. "It'south when you don't know the policy exists, which is very common with older generations that'd purchase a policy for $5.000 or $10.000 and they pack it in the garage or attic and forget all about it."

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