Parsons Woman Receives $70,000 Unclaimed Life Insurance Check
When
She thought little of a life insurance policy Roy had passingly mentioned, and he had left no directions behind. She was left with the hard task of raising two daughters by herself as the proceeds remained with the insurance company.
Treasurer
The company reported the funds as unclaimed property to the Treasurer's Office in
"No one ever contacted me, no," said Godwin, 52, of
In 2012, Treasurer Perdue's office sued dozens of insurance companies in circuit court. The Treasurer's lawsuit claimed life insurance companies should turn over proceeds upon death of the insured, using
The Treasurer argued that many beneficiaries don't know a policy exists, or, like Godwin, don't have adequate details. The fight eventually made its way to the
"To be able to stand here today and present this check to
Unclaimed property is any asset from which an individual has become unintentionally separated. Examples are a final paycheck, a utility deposit, or stock accounts showing no sign of engagement or activity. Real estate is not unclaimed property.
Under state law, companies and entities are expected to report unclaimed assets to the Treasurer's Office after a certain dormancy period, to allow the office to begin finding rightful owners. One of those ways is a twice-a-year listing of never-before-published names, inserted into the largest newspaper in each county. A friend of Godwin's saw her name and contacted her.
"I contacted the Treasurer's Office and they sent me a claim form," she said. "I wasn't really sure so I drove to
Members of the Treasurer's Unclaimed Property Division staff verified the amount, once all the necessary paperwork had been completed. To say Godwin was surprised is an understatement.
"When they told me the amount I darn near hit the floor," Godwin said. "I dropped all that paperwork I was holding. It was embarrassing. Then I started crying."
Godwin said she has plans for the money. She intends to split it three ways with her two daughters.
"I have pressing needs," she said. "I live in a 1964 or 1965 trailer. It's coming out of here. One daughter needs a well drilled and another needs a new roof on her house."
She said she thought of her late husband that day in the Unclaimed Property office. "I thought to myself 'Here he is dead and he's still taking care of me and the kids.'"
Life insurance companies are responding to court decisions and legislation requiring them to report proceeds.
As of
Contrast that with life insurance reported through 2012, prior to circuit court litigation:
As of
For more information on
This document was posted showing the date:
The Betterley Report ‘Cyber Insurance for Healthcare Market Survey’ Is Now Available
EPA, New York State and Montgomery County, N.Y. Work Together to Remove Asbestos at Beech-Nut Nutrition Corp. Superfund Site, Canajoharie, N.Y.
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News