ALBANY, N.Y. (AP) – More than 89,000 people nationwide are getting shares of over $665 million in life insurance benefits that many didn’t know they were entitled to receive.
New York Gov. Andrew Cuomo said the payments are a result of a measure signed into law last year that requires insurance companies to try to find beneficiaries rather than wait for recipients to file claims.
Many didn’t know they were named as recipients by relatives or friends and so would have likely never filed a claim.
“It is only fair for families and individuals who lost loved ones to receive the life insurance benefits to which they are entitled,” Cuomo said. “Life insurers are now responsible for proactively identifying policyholder deaths and are making good faith efforts to find people so hundreds of millions of dollars in unclaimed benefits can be paid.”
A probe involving New York-based companies turned up more than 18,000 New Yorkers who will now get $206 million in life insurance payouts.