More than $18 million have been recovered in unclaimed property through agreements with some of the nation’s largest life insurance providers, giving beneficiaries of insurance policies that have long since been forgotten the chance to recover those proceeds. According to Indiana Attorney General Greg Zoeller, the money is the result of unclaimed insurance proceeds that were previously held by American International Group, John Hancock (Manulife), MetLife, and Prudential Financial.
He commended the companies which have entered into agreements with the state, stating this is a positive example of an industry working with the state to ensure Hoosiers receive proceeds as intended by their loved ones.
The agreements came to fruition after audits performed by Verus Financial on behalf of Indiana, among other states. So far, more than 20,000 unreported insurance accounts were turned up by the audit, belonging to Hoosiers who may have misplaced a policy, forgotten details, or never know knew they were listed as a beneficiary on an account.
This process has resulted in more than $3 million of additional life benefits being returned to Hoosiers through the due diligence conducted by providers, and this is just a portion of the proceeds expected to be uncovered as the audit continues into other companies and accounts.
Zoeller said Indiana’s leadership in this audit process reflects the state’s commitment to the rightful owners of unclaimed property, and said it is their obligation to seek out these types of funds and return them to their rightful owners.
The funds that have been turned over to the state are posted online at www.IndianaUnclaimed.gov. The Unclaimed Property Division’s toll-free number is 1-866-IN-CLAIM (1-866-462-5246).
