How can I collect life insurance money released to the state?
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How can I collect life insurance money released to the state?
There are 3 parties listed as beneficiaries on 1 life insurance policy. Now 1 of these parties is not legally eligible to collect; the other 2 parties are. Instead of paying to the 2 legitimate parties, the insurance company turned the money over to the state to absolve themselves of doing the wrong thing. How do the 2 legitimate beneficiaries go about getting these funds from the state?
Asked on January 3, 2012 under Insurance Law, Texas
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
On the state government website for your state, look for a link to unclaimed property. Click that link and then enter the name of the insured to find the unclaimed property and claim number. The state should have instructions as to the forms you need to file for your claim. The forms might include proof of heirship and a separate claim form. The website information and the required forms may vary from state to state, but this information should get you on the right path to claiming the proceeds of the insurance policy.
Also, if you receive letters from companies telling you that they will help you recover the unclaimed property for a fee (usually a percentage of the amount of the proceeds), ignore those letters. The forms you will need are easy to complete and you don't need to pay someone a percentage to obtain the unclaimed property from the state for you.
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