Beneficiaries of unclaimed life insurance policies already have received billions of dollars — and others could be in store for some unexpected cash — the result of state actions forcing companies to locate heirs and pay them the money they are owed.
Nearly two dozen states have passed laws requiring companies to search for beneficiaries. Illinois is the latest to consider a version of the legislation.
The laws follow years-long audits and multi-state investigations of the top 40 insurance companies that revealed many of them held on to benefits, even when they knew the person insured had died.
More than 20 insurance companies settled with states.