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 says it discovered the benefits after comparing the outstanding policies of a dozen insurance companies with the Social Security Death Master File database. The reviews turned up a number of policies—including one $500,000-plus payout—where heirs didn’t realize the policies existed.
“By making these comparisons, we were able to return money to Louisianans who did not realize they were in line for money from insurance policies,” Kennedy says in a new release issued today.
The audits are just one component of the state’s Unclaimed Property Program. Since 1972, the Unclaimed Property Program has returned more than $338 million to nearly 570,000 Louisiana citizens, Kennedy says.
