How to search for unclaimed life insurance benefits
The program is part of a nationwide effort to match people up with life insurance benefits they didn't realize they were supposed to receive. To sign up, you can register through the
The information you provide will go to a database kept by life insurance companies. If your name is a match, the system will alert you to how much you are owed. The data is encrypted to block hackers,
Deputy Insurance Commissioner
"People pay these premiums to benefit their loved ones when they die," Florence said. "It makes sense to be proactive [and check the database]."
The database is organized by the
"A lot of people don't know about this service, haven't thought about it," Florence said. "And if they did, I'm sure our numbers would be a lot bigger."
The effort is part of a lengthy investigation of state regulators into the insurance business, dating back to 2008. At that time, the California Controller's Office audited 80 life insurance companies, finding that many companies were not making an effort to provide beneficiaries with the money they had not claimed, according to a news release by the controller's office.
Florence said one of the key findings was the way some insurance companies used the
Florence said there are a couple of common reasons why somebody may not know they are in line for a life insurance benefit. One, a person changed addresses, but the contact information on the policy was not updated. Also, a woman might change her last name after getting married, making it more difficult for a company to track her down.
In 2011, the NAIC launched a task force to examine the life insurance industries' practices. According to the
Contact staff writer
___
(c)2017 the Chattanooga Times/Free Press (Chattanooga, Tenn.)
Visit the Chattanooga Times/Free Press (Chattanooga, Tenn.) at www.timesfreepress.com
Distributed by Tribune Content Agency, LLC.
Joining Hundreds of Thousands of Advocates and Patients, Sen. Van Hollen, Senate Democrats Demand Trump Administration Reinstate Birth Control Coverage for Millions of Women
Nearly one-third of FEMA applicants deemed ineligible
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News