New assistance available for Vermonters claiming life insurance
MONTPELIER - State Treasurer Beth Pearce announced Tuesday new efforts to assist Vermonters in claiming life insurance benefits.
The Treasurer's office has received more than $2.2 million in unclaimed property as the result of a multi-state initiative to require life insurance companies to pay out on old, sometimes forgotten, policies.
"This money represents previously unreported insurance accounts that were being held by companies because no one had claimed them at the time the policyholder died," Pearce said. "Money we have received to date represents amounts due to approximately 2,500 Vermonters."
While Vermonters may search online through unclaimed property for old insurance policy benefits that have been received by the Treasurer's office, national estimates indicate there are potentially many more policies that have not yet been surrendered. The State Treasurer's Office has created a special web page with guidelines to assist people in searching for old, forgotten policies. Go to MissingMoney.Vermont.gov and click on the page, "Life Insurance Policies."
In addition, the Treasurer's office has advocated for additional action by insurance companies to assure that beneficiaries receive funds.
Vermonters can search for unclaimed property online or call the Unclaimed Property Division at 828-2407 or (800) 642-3191.
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