Life Insurance Policy Locator Finds $1.3M for Colorado Consumers in First Year

DENVER, Colorado, Dec. 19 -- The Colorado Department of Regulatory Agencies issued the following news release:

Since its launch in November 2016, thousands of U.S. consumers have reaped the benefits of the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator.

Here in Colorado, the Division of Insurance (DOI), part of the Department of Regulatory Agencies, says that 757 inquiries have resulted in 134 responses that led to $1,311,109 making its way to beneficiaries. Across the country, over 40,000 consumers have conducted searches, and the tool has matched 8,210 beneficiaries with lost or misplaced life insurance policies or annuities - totaling $92.5 million returned to consumers.

"This tool helps Coloradans get the insurance benefits their spouses, parents, grandparents and other loved ones have already paid for," said Commissioner of Insurance Marguerite Salazar. "Regulators identified the mounting problem of lost policies and worked together in 2016 to design this resource to help consumers find money that is owed to them. I encourage everyone to log in to see if they are owed money."

Using the Life Insurance Policy Locator, consumer requests are encrypted and secured to maintain confidentiality. Participating insurers compare submitted requests with available policyholder information and report all matches to state insurance departments through the locator. Companies then contact beneficiaries or their authorized representatives. Insurance companies have 90 days to research inquiries.