Treasury uncovers almost $45 million for insurance beneficiaries
BATON ROUGE, LA - By checking life insurance companies' records, the Louisiana Department of the Treasury has uncovered nearly $45 million in death benefits that should have been paid to Louisiana residents, State Treasurer John Kennedy announced this week.
"This is why we look at insurance companies' records. We always find policies that should have been paid but weren't because families didn't know the policies existed. We've received an additional $10 million in death benefits since September," said Treasurer Kennedy. "Sometimes we uncover $5,000 that should have been paid to a family. Other times, we uncover a lot more than that."
The Louisiana Department of the Treasury works with Versus Financial LLC to compare outstanding policies to the Social Security Death Master File (DMF). These audits reveal instances in which insurance companies failed to locate beneficiaries or heirs and pay them. The Louisiana Treasury has been conducting the audits since 2009.
"All of the money goes into our Unclaimed Property Program, where it remains until you claim it," said Treasurer Kennedy. "This past weekend, 900 people found money through our online database. You should check often because we're constantly getting in new money."
Treasurer Kennedy encourages Louisiana residents to search for missing money online at www.LATreasury.com or call the Treasury's toll-free hotline at 1-888-925-4127, Monday-Friday, 8 a.m. to 4:30 p.m.
Posted on Fri, April 22, 2016
by The Lafourche Gazette