State Raising Awareness of Unclaimed Life Insurance Money in Tennessee

Posted at 9:00 PM, Sep 05, 2018
and last updated 2018-09-05 23:39:37-04

Could you be owed your part of more than $7 million in Tennessee? It's money that's there for the taking, meant to help family members move on after a loved ones death, but in many cases it just sits there -- forgotten. 

The state is trying to connect Tennesseans with their money by raising awareness of a free online service.

The money comes from unpaid life insurance claims that sit idle long after a loved one passes away.  The Tennessee Department of Commerce and Insurance says the fact is, when loved ones die, life insurance policies aren't the first things family members think about.

That leads to forgotten life insurance policies in Tennessee, which together, count for millions of dollars.

The Life Insurance Policy Locator Servicefrom the National Association of Insurance Commissioners is meant to help connect Tennesseans and people from all over the country with life insurance policies that list them as beneficiaries, but they may not know about.

TDCI says about 500 Tennesseans so far this year have already tried it -- twice as much as all of last year -- and they found nearly $7 million in life insurance benefits that had gone unclaimed.