In a bid to help families find a deceased loved one’s lost life insurance policies and annuities, the National Association of Insurance Commissioners (NAIC) has launched the NAIC Life Insurance Policy Locator.
According to Consumer Reports, some $1 billion in benefits from life insurance policies are unclaimed. The new national program was developed based on the life insurance policy locator programs used in a number of states, including Oklahoma’s Lost Life Policy Locator Service which was launched in March 2015.
John Huff, NAIC president, said: “Our locator gives consumers the means to easily search for lost life insurance policies. This national tool gives families and consumers a genuine time-saving option when trying to get their financial affairs in order.”
The locator allows participating insurers to compare submitted consumer requests with available policyholder information. All matches will then be reported to state insurance departments. Beneficiaries, or authorized beneficiaries, will be contacted by the insurance companies.
Buddy Combs, deputy insurance commissioner at Oklahoma Insurance Department, said: “Expanding the database nationwide allows people in all states to be able to contact insurance companies around the country to be able to get the money they are owed.”
In Oklahoma, the state’s life insurance policy locator has been used by 828 families in the past year and a half, and has been instrumental for finding 42 lost policies and recovering $600,000 in insurance money,
News Channel
4 reported.
Related stories:
Life insurers to face headwinds in 2017 says Fitch
Drone accidents can be covered by homeowners’ insurance: NAIC
