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State: Many Californians Are Owed Unclaimed Life Insurance

Steven Depolo / Flickr
 

Steven Depolo / Flickr

(AP) - California officials say thousands of people in the state are owed money in life insurance benefits, in some cases over $100,000, because they did not know they were beneficiaries.

The state Controller's Office says insurance companies in many cases made no effort to notify the beneficiaries and are now trying to hand $307 million to the proper owners.

The San Francisco Chronicle says the trust of one person in Los Angeles County is owed $583,000 and some 50 other people across the state are owed at least $150,000.

The newspaper says some of those owed money have since themselves died, and the money is owed to their heirs.

Some interviewed by the Chronicle say family feuds kept them from collecting. Others unwittingly threw out mail thinking it was junk.