How to check if State of California owes me money?

Question

My mom died a year ago. I heard if the beneficiary doesn't collect the life insurance money it goes to the state. I never could find the company or the policy number. She told my aunt,not me about the policy. Who didn't tell me till after Mom died. So where do I go to see if California has it and what do I do then? Thank you for helping out, we can't afford a laywer.

Answer 1

Call The Terminator.

Answer 2

When an insurer holds a policy that pays out on a set date (called a "maturity date,") and the insured cannot be located despite several attempts, the insurer will pay the proceeds to the state Comptroller's office.  This process is known as "escheating."  In order to claim escheated funds, the insured or his/her estate representative must contact the Comptroller's office.

HOWEVER, this is not the case with your situation.  It sounds to me like your mother had a regular life insurance policy that pays out at death.  Unless a claim is filed, an insurer has no way of knowing that the proceeds should be paid -- therefore, it has no reason to escheat the funds to the state.  Since premiums haven't been paid, the policy is either in a lapsed status, or the policy is reaching into its own cash value to pay them (this is known as an "automatic premium loan").  Neither status would exempt the insurer from paying a claim if the death occurred while the policy was in force.

In order to claim the proceeds, you must find out the name of the insurer.  There is no national database of insurance policies issued to individuals -- so you'll have to do some old-fashioned detective work.  Look in your mother's safety deposit box; her cancelled checks; etc.  As a last resort, you can request a report from the Medical Information Bureau, which collects medical data reported on life insurance applications or discovered during the underwriting process.  Go to the web site below for more information.

I hope this helps.