$1.2 million returned in life insurance benefits for FY2019

Aug. 31--West Virginia Treasurer John Perdue's Unclaimed Property Division returned $1.2 million in life insurance benefits for fiscal year 2019, according to a release, 44 percent of the amount it took in from insurance companies during the period.

The amount returned has slightly increased from the $1.1 million paid to beneficiaries in fiscal year 2018. In all, the release said the Unclaimed Property Division has returned $5.2 million in life insurance benefits under Perdue.

"I'd like to congratulate two groups -- the dedicated members of my staff who helped reunite those residents due life insurance benefits and the companies who followed legislative and judicial rulings in reporting the policies as unclaimed property," Perdue said.

In fiscal 2019, insurance companies reported to the Treasurer's Office $2.7 million in unclaimed life insurance policies. These represent cases in which the beneficiaries did not know they had funds coming to them; often, people will fail to tell friends and family that a policy exists.

"How do you file a claim if you don't know a policy exists?" Perdue asked in the release. "That's the definition of unclaimed property and should be treated as such."

-- Email: [email protected] and follow on Twitter @WendyHoldren

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