South Carolina university to disburse found life insurance funds

Dec 21, 2010

Employees at the University of South Carolina may get funds from a life insurance distribution.

Current and former employees at the University of South Carolina may see a check in the mail soon as the result of a life insurance policy.

The university's trustee board said it will distribute $4.8 million to roughly 1,800 workers. The funds are tied to life insurance policies from a company that switched from being mutually owned to publicly traded.

Dr. Ted Moore, the university's vice president for finance and planning, said the amount current and former employees will get will vary.

"The amount paid out to individuals who had a paid-up policy will be based on the amount of dividends applied to purchase the paid-up insurance compared to total contributions of other eligible participants," a release from the university said.

To qualify, employees on December 15, 2000, had to be actively working for the school, retired or disabled with death benefits, or were participants in the insurance policy through cash value.

Consumers who get the funds may consider using them to get further life insurance coverage. Doing so will provide their family with a source of income in the event they should die.

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