WASHINGTON, September 25, 2024 /PRNewswire/ — – The National Association of Insurance Commissioners (NAIC) proudly announces that its Life Insurance Policy Locator has connected consumers with more than 10 billion dollars in unclaimed benefits from annuities and life insurance policies since the launch of the tool in November 2016.
“When it comes to closing financial protection gaps, life insurance is crucial,” he said. Andrew N. MorePresident of the NAIC and Commissioner of the Connecticut Department of Insurance“Many consumers may not realize that a life insurance policy can secure their financial future after the loss of a loved one, and there are consumers who do not have the information necessary to file a life insurance claim. The Life Insurance Policy Locator helps bridge that knowledge gap and provides consumers with valuable support.”
The free online tool, maintained by the NAIC, has received 886,727 requests nationwide. The level of interest has resulted in 460,952 matches for life insurance or annuity policies, and companies have reported claim amounts of $10,117,434,892 through August 31st2024.
Online policy locator requests are secure, confidential and free. Participating insurance companies are responsible for contacting beneficiaries and reporting matches to state insurance departments through the NAIC Life Insurance Policy Locator.
How to use the life insurance policy locator
The tool can be found here. NAIC's Consumer Insights explains How to use the tool.
- Review the welcome page and accept the process.
- Enter your name and address.
- Submit a search request by entering the deceased's information listed on the death certificate: Social Security Number; Legal First Name; Legal Last Name; Date of Birth; Date of Death
- Relationship with the deceased
Once all required fields are completed, please submit your information.
Your application will be stored in a secure, encrypted database where participating life and annuity insurance companies can access the information through a secure portal. You will receive a “Do Not Respond” email confirming the details of the application you submitted. If a policy is found and you are the beneficiary, the life or annuity insurance company will contact you directly.
Who can use the locator?
Anyone. This service is free and available to the public, including beneficiaries and legal representatives. The NAIC created additional resources, such as theLife Insurance Buyer's Guideto helpConsumers prepareTo purchase life insurance.
If an applicant is a beneficiary and is notified by the company that a lost policy has been found, what information do individuals need to apply for their benefits?
Typically, a certified death certificate and a claim form from the company must be submitted to the insurer that found the policy.
How long does it take to complete an application?
The search may take 90 business days or more to complete. Please note that the requester will not receive a response if no matches are found, if the requester is not the beneficiary, or if the requester does not have legal authority to obtain information about the policy.
About the National Association of Insurance Commissioners
As part of our state insurance regulation system in USAThe National Association of Insurance Commissioners (NAIC) provides insurance commissioners with insights, data and analysis to effectively regulate the industry and protect consumers. The U.S. standards organization is governed by the leading insurance regulators in all 50 states, D.C. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators nationally and internationally.
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SOURCE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS
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