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More than one hundred million dollars in unclaimed life insurance benefits could soon be on their way to more than 30 thousand Floridians. Until now, some companies have never tried to find a beneficiary, but as Mike Vasilinda tells us, state lawmakers are about to make they go back 25 years and start paying out all that cash.

How can you claim something…like a life insurance benefit, when you don’t know it’s yours? That’s the dilemma for thousands of Floridians whose loved one sought to protect them after they were gone. When someone dies, Instead of notifying beneficiaries, companies writing half the life policies in Florida have been keeping the cash. Rep. Mike Miller says here’s why:

“If these companies were to invest that 111 million dollars for twenty years at only 3.25 annual return, they would earn a hundred million dollars in interest” says the Orlando Republican.

Lawmakers have had enough. Rep. Doug Broxson (R-Pensacola) says the companies had every chance to find the beneficiaries.

“We have instructed the companies now that they have to go back 25 years and find those folks who should have been paid, and have not been paid” says Broxson.

16 companies could owe at total of 111 million dollars. Average claims are expected to be  just under thirty four hundred dollars. To the companies credit, the law has never required them to try and find a beneficiary…but, says incoming Senate President Joe Negron:

“The insurance companies are apparently able to use the death  register when they want to stop paying annuities, but don’t want to do it when it comes to finding beneficiaries to live insurance policies” says Negron.

In the future, the companies will be required to turn the money over to the state so it can look for the owner.

Companies first would have to try and find a beneficiary. if they can’t, The money would go into the States unclaimed property vault. Sponsor Sen. Lizbeth Benaquisto (R-Ft. Myers) says their cash will be safe.

“And that money is there in perpetuity, so no matter when that person finds out that these benefits are due to them, that money is there for them” says the sponsor of the legislation.

Governor Rick Scott is expected to sign the legislation when it hits his desk

Each year the state returns millions to people left in safe deposit boxes or bank accounts and even utility deposits. If you think you are owed money, contact Chief Financial Officer Jeff Atwater at the State Capitol.