The National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator continues to connect consumers with lost life insurance. Each year, millions of dollars in life insurance benefits go unclaimed by beneficiaries who can't find their deceased loved ones' policies or in some cases may not even know the policies exist.
That's where the Life Insurance Policy Locator comes in. This free online tool, maintained by the NAIC, has received 145,432 requests which has led to 46,665 matches of lost or misplaced life insurance policies or annuities with claim amounts of $650,520,451 million being reported by companies through July 31, 2019 since its November 2016 launch.
"Losing a loved one is often a painful, chaotic time. Beneficiaries who don't know where policy paperwork is located may struggle to find it while taking care of their loved ones' estate," says Eric A. Cioppa, NAIC President and Maine Insurance Superintendent. "The NAIC's Life Insurance Policy Locator gives consumers a way to easily search for policies and annuities."
The policy locator requests are secure, confidential and free. Any matches found by participating insurers are reported to state insurance agencies through the NAIC Life Policy Locator. The companies then are responsible for contacting beneficiaries.
Who can use the locator?
Anyone. This service is open to the public, including beneficiaries and legal representatives.
If a requester is a beneficiary and is notified by the company that a lost policy has been found, what information do people need to request their benefits?
Typically, a certified death certificate and company claim form must be submitted to the insurer which found a policy.
How long does it take for a request to be completed?
It may take up to 90 business days to receive a response. Please note a requester will not receive a response if no matches are found, the requester is not the beneficiary, or the requester does not have legal authority to obtain information about the deceased.
As part of Life Insurance Awareness Month, the NAIC is hosting a Twitter chat to correct misconceptions about life insurance on September 17, 2019 at 3 PM ET, for people to ask questions of experts. Use the hashtags #ProtectTomorrow and #NAICInsuranceChat to participate.
About the NAIC
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. 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 domestically and internationally. For more information, visit www.naic.org.