New Online Tool Helps People Find Lost Life Insurance Policies

CHEYENNE, Wyo., Dec. 2 -- The Wyoming Department of Insurance issued the following news release:

Wyoming Insurance Commissioner Tom Glause recently announced that Wyomingites now have access to a new online service they can use to help locate lost life insurance policies or annuity contracts that belonged to a deceased family member. "The National Association of Insurance Commissioners created the free online Life Insurance Policy Locator to help consumers," said Glause. The online service is located at: locator.naic.org.

An estimated $1 billion in benefits are unclaimed, according to Consumer Reports "Most people don't know where to begin when searching for a lost life insurance policy or annuity," Glause continued. "This is an excellent tool to help Wyoming consumers find old or lost life insurance policies or annuities. The life insurance policy locator streamlines and simplifies the process for consumers and insurance companies."

Consumer requests are encrypted and secured to maintain confidentiality. Participating insurers will compare submitted requests with available policyholder information and report all matches to state insurance departments through the locator. Companies will then contact beneficiaries or their authorized representatives.

In 2015, life insurers paid more than $74 billion in insurance policy benefits to consumers nationwide. Since 2010, state insurance regulators have investigated unclaimed life insurance benefits. To date, nearly 23 regulatory actions have resulted in returning more than $6.75 billion life insurance proceeds to U.S. consumers.

Learn more about how to search for a lost life insurance policy or use the new online search (www.naic.org).

30FurigayJane-5727650 30FurigayJane