September is Life Insurance Awareness Month in Ohio
COLUMBUS – A free service provided by the Ohio Department of Insurance is helping Ohio residents uncover millions of dollars in life insurance funds they are rightfully due.
The Department of Insurance’s missing life insurance policy and annuity contract search service, launched in 2009 as one of the first such services in the country, has matched 2,043 individuals to beneficiary funds from a policy of a deceased Ohio resident. Beneficiaries have received a total of $11.4 million through the service.
“The Department of Insurance is connecting Ohioans to insurance benefits they may not know they had through this helpful program,” Governor Mike DeWine said. “I hope Ohioans use this website and will contact the Department of Insurance if they have questions about a current or outstanding life insurance policy.”
“September is Life Insurance Awareness Month and we want to make sure every Ohioan is aware of the missing life insurance policy program,” Department of Insurance Director Jillian Froment said. “Many consumers may not realize they could be due life insurance policy proceeds or maybe they tried but could not locate the policy. We can help in those circumstances and encourage all Ohioans with questions about life insurance to contact us.”
To initiate a search request, members of the deceased person’s immediate family, executors, or legal representatives should visit the Consumers section at www.insurance.ohio.gov. Ohio life insurance companies ultimately receive the requests, search their records, and directly contact the beneficiary if money is to be paid.
In addition, Ohioans also can visit www.missingmoney.com to learn if they have unclaimed property, including associated with life insurance policies and annuity contracts. The Ohio Department of Commerce is responsible for taking reports of unclaimed funds that result when an account becomes dormant and the business no longer has contact information for the account owner.
Consumers with questions about the Department of Insurance’s missing life insurance policy and annuity contract search service can call 1-800-686-1526.