New Rhode Island Database Helps Residents Find Unclaimed Life Insurance Benefits
In most states, unclaimed property laws require life insurance companies to report unclaimed life insurance benefits to state agencies after three years. State treasuries hold on to that information, waiting for individuals to claim their benefits, but a new Rhode Island database will make it easier for residents to find and claim their unpaid benefits, currently totaling more than $9.5 million.
In a recent press release, Rhode Island General Treasurer Gina M. Raimondo encouraged residents to take advantage of the new database available through the Treasury’s Unclaimed Property Division.
Rhode Island Connects Residents with Lost Life Insurance Benefits
To date, more than 1,100 individuals have claimed about $2.3 million in benefits. More than 8,000 residents stand to collect the unclaimed life insurance benefits remaining.
Raimondo announced in the release, “When it came to our attention that life insurance companies may have unclaimed funds due to Rhode Islanders, we stepped in on their behalf to give them an opportunity to recover the money.”
To get the word out to the public, Raimondo also held a film screening on March 5 at the Middletown Senior Center, which featured the stories of three Rhode Island families who were able to recover approximately $67,000 by checking the Rhode Island database.
How to Check for Unclaimed Life Insurance Benefits
Although many private life insurance companies offer search services for unclaimed property, Consumer Reports advises consumers to use caution with such services. Never pay a fee to find unclaimed life insurance benefits and never give your Social Security number to any unofficial source.
Most state treasury departments keep searchable records of unclaimed life insurance benefits and other unclaimed property. Check your stateâ€™s website to see if unclaimed property exists in your name.
You may need to provide previous addresses and your Social Security number to claim property through these websites, but be certain you are, in fact, dealing with an official government agency before providing that information.
Photo credit:Â 401(K) 2013