Assemblyman Dave McDonough (R,C,I-Merrick) today is applauding the Department of Financial Services’ (DFS) investigation into unpaid life insurance benefits, which uncovered more than $1 billion in outstanding benefits to consumers nationwide, and over $386 million to New Yorkers. Residents who would like to find out more about the unpaid benefits may visit www.nypolicyfinder.com, a free online Lost Policy Finder to locate lost or misplaced life insurance policies and annuity contracts.

“The Department of Financial Services’ investigation uncovered millions of dollars just sitting on the books of insurance companies that many families may not even be aware are available to them,” said McDonough. “A deceased loved one’s family may not know there was a life insurance policy or they may not have remembered to file a claim with the insurance company. I strongly encourage residents to visit the website to determine if there are any benefits to which they are legally entitled.”

The DFS investigation has led to changes in the way that insurers pay policies by using the U.S. Social Security Administration’s Death Master File to investigate policies for which no claims have been made and to find beneficiaries who are eligible for benefits but have not filed claims. For more information on the free service to help families locate unclaimed benefits, visit www.nypolicyfinder.com.