ACLI On Unclaimed Life Insurance Benefits

WASHINGTON, March 21 -- The American Council of Life Insurers issued the following news release:

Life insurers adhere to the letter and spirit of all laws and regulations pertaining to unclaimed life insurance benefits. For more than 200 years, life insurers have been committed to keeping their promises to consumers who look to the industry for their financial and retirement security needs. In 2011, life insurance companies validated this commitment by paying $62 billion in life insurance benefits.

While the amount of unclaimed life insurance benefits at issue represents a very small percentage of total claims paid, we know the percentages represent real people. Many companies are taking proactive measures to locate missing policyholders and the industry is working with regulators and lawmakers on ways to help ensure all beneficiaries get the benefits they are due. ACLI also supports state lost policy locator programs. These programs help consumers search for deceased family members' life insurance policies.

Life insurance companies are in the business of helping beneficiaries cope with the loss of a loved one and helping their clients achieve financial and retirement security. Companies take their responsibilities seriously and have every legal, ethical and business incentive to honor their contracts with policyholders.

To help consumers keep track of their life insurance policies, ACLI has developed My Insurance Log. The online tool offers a secure and convenient way for consumers to maintain a file of important information about their life insurance policies and other relevant matters so it is readily available, now and in the future.

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