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Protecting Life Insurance Beneficiaries

State Controller John Chiang’s audits of national insurance company practices, which started in 2008, revealed an industry-wide practice of companies failing to pay death benefits to beneficiaries. Often, companies would draw down the cash value of the life insurance policy to continue paying premiums, even when they knew or should have known the policy holder had died and the beneficiaries should be paid. The policies then would be canceled -- without notifying the policyholder or their family members.

To protect life insurance policyholders and their beneficiaries, the Controller has led the national effort to end this practice. He is pushing companies to return the full value of old policies to beneficiaries in California. If you believe you are the beneficiary of one of those policies, please click the button below to get started with your unclaimed property search:

Unclaimed Property Search

Below is a list of companies that have reached settlements with the Controller, and agreed to restore $266.7 million in unpaid benefits to California beneficiaries. You may also contact insurance companies directly.

Also, the Controller has sued to open the books of three companies --  American National Insurance Company (ANICO), Kemper and Thrivent Financial for Lutherans -- which are suspected of failing to pay life insurance benefits to the heirs of deceased policy holders.