Locate missing life insurance funds

This is huge….the Toledo Business Journal writes:

DOI creates website for missing life insurance funds.

The Ohio Department of Insurance (DOI) has a new website to help Ohioans locate a deceased family member’s missing life insurance policy or annuity contract.  According to the DOI, the Life Insurance Policy Locator is a user-friendly, free service operated by the National Association of Insurance Commissioners and only requires basic information to get started.  The DOI has been offering this service for over 10 years, but decided to transition to the national search application to provide Ohioans a more comprehensive search tool.

The located can be found on the department’s website, www.insurance.ohio.gov.  “To date, the department’s system has matched thousands of individuals with previously unclaimed beneficiary funds in excess of $11 million,” DOI director Jillian Froment said.  “This search service provides a real benefit to Ohioans, simplifying what otherwise could be a cumbersome and lengthy process identifying potential beneficiary life insurance proceeds.”

Individuals who believe they are beneficiaries, executors, or legal representatives of a deceased person may submit a search request.  Insurance companies receive the requests, search their records, and directly contact the individual only if a match is made, typically within 90 business days.  People with questions about the locator can call the (ODI) at 1-800-686-1526.

This content was originally published by the Toledo Business Journal in their February 2020 edition.