Nearly $72 Million in lost life insurance benefits located

With September marking Life Insurance Awareness Month, the Pennsylvania Insurance Department (PID) today announced that the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator has helped recover and return nearly $72 million in benefits from nearly 3,000 life and annuity insurance policies to Pennsylvanians since January.

"The Shapiro Administration understands how the loss of a loved one can personally and financially affect a family. We want consumers to know that PID is here to help during this tough time by working with them to ensure they obtain the benefits they are owed," said Pennsylvania Insurance Commissioner Michael Humphreys. "Often times, most families are aware a policy exists but have no clue where or how to access this information. This free-to-use insurance tool can help alleviate the stress of accessing this much-needed funding source."

Pennsylvania law requires all companies selling life insurance policies in Pennsylvania to participate in the service. PID's Consumer Services Bureau can help Pennsylvanians access the NAIC's free tool and answer questions about how it works.

When a consumer submits a request through the tool, the NAIC asks participating life insurance companies to search their records to determine whether they have a life insurance policy or annuity contract in the name of the deceased. The insurance company will then contact the requester if a policy is found and if the requester is named as a beneficiary.

Life insurance provides financial protection for a family and ensures that dependents and other family members are not burdened with the cost for final arrangements, such as funeral costs. PID encourages all Pennsylvanians to plan for financial security by considering their current and future financial needs and the role life insurance may play in providing financial protection for their families.

Residents can learn more about life insurance and access the life insurance policy locator services on PID's website. Consumers with any questions or concerns regarding a life insurance policy, or to file a complaint, can contact PID's Consumer Services Bureau online or by calling 1-877-881-6388.

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