State Audits Find $31M In Unclaimed Life Insurance
BATON ROUGE (AP) — State Treasurer John Kennedy says audits of life insurance company policies have uncovered more than $31 million in Unclaimed Property for beneficiaries in the past eight years.
The Treasury Department discovered the benefits after comparing the outstanding policies of a dozen insurance companies with the Social Security Death Master File. The reviews turned up a number of policies, including one $500,000-plus payout, where heirs didn't realize the policies existed.
The audits are just one component of the Unclaimed Property Program. Since 1972, the Unclaimed Property Program has returned more than $338 million to nearly 570,000 Louisiana citizens.