$8.7 million owed to Arkansans from unclaimed life insurance policies are now being reported to the state auditor under multi-state examinations of 52 national life insurance companies. The ongoing audits are intended to identify life insurance policy holders who have died, but whose beneficiaries have never been paid.
Previously, life insurance companies held policy proceeds until a beneficiary notified them that the policy owner had died, resulting in many millions of dollars accumulating with the insurance companies instead of being passed on to the beneficiaries.
Several thousand policies are listed only in the policy holders’ names though, which means that Arkansans should search for any deceased family members who they believe may have had a life insurance policy. This notice lists the name of each deceased policy owner by last name whose policy has been turned over to the state.