Alabama Department of Insurance: Life Insurance Policy Tool Recovers $4.4 Million for Alabama Consumers

MONTGOMERY, Alabama, Nov. 29 -- The Alabama Department of Insurance issued the following news release:

The Life Insurance Policy Locator -- launched by the Alabama Department of Insurance through the National Association of Insurance Commissioners -- has matched consumers with policies totaling $4.4 million in the past 12 months.

The NAIC launched the free national locator service in November 2016 to make it easier to connect consumers with lost life insurance policies or annuities. In Alabama, 460 beneficiaries have been matched with $6.4 million since the tool launched in November 2016.

Before joining the NAIC's national program, the Alabama Department of Insurance launched a state-based life locator program in November 2012, becoming one of the first state insurance departments in the nation to establish such a program.

"The Life Insurance Policy Locator has connected hundreds of Alabamians with money they are owed," said Insurance Commissioner Jim Ridling. "We hope everyone who may be a beneficiary will utilize this helpful, free tool."

To use the Life Insurance Policy Locator, visit www.aldoi.gov and click on Life Policy Search.

In its initial two years, the locator has matched 24,934 consumers across the country with policies, totaling $366 million. More than 48,000 consumers have conducted searches nationwide.