Pennsylvania Insurance Department Offers Help Finding Lost Life Insurance Policies, Location of Policies Issued by Now Defunct Companies

HARRISBURG, Pa., Sept. 28, 2015 /PRNewswire-USNewswire/ -- Commissioner Teresa Miller announced today that the Pennsylvania Insurance Department can help consumers who have lost their life insurance policies, or have policies issued by companies which are no longer in business. The Insurance Department will assist in finding those policies so consumers can file claims and collect benefits.

"Life insurance is often bought and paid for many years before the policy will be used," Commissioner Miller said. "Sometimes beneficiaries are not certain whether a parent, sibling, or loved one who passed away had a policy. In many instances, the Insurance Department can help search for these policies if they are lost."

In order to be assisted, consumers must have the name of the policyholder and of the company which issued the policy. With this information, the Insurance Department can contact the company and determine whether a policy does exist for a given individual. If there is a policy, the department can provide information to help beneficiaries collect benefits due to them.

Some consumers also encounter issues with policies issued many years ago, as often the company which wrote the policy has since gone out of business. The Insurance Department is reminding consumers that those policies are still valid, and will have been assumed by another insurer. Consumers can give the name of the policyholder and the company which originally wrote the policy to the Insurance Department, which will locate the insurer now holding the policy. The Insurance Department can then pass along that information to the beneficiaries to film a claim.

"Ensuring individuals receive the life insurance policies they paid for is a critical priority for the Wolf Administration, and another example of the Governor's commitment to protecting consumers," Commissioner Miller said.

Any consumer who has lost a life insurance policy, is uncertain whether a loved one had a policy, or has a policy from a company that is now out of business should contact the Insurance Department at www.insurance.pa.gov, and click on Consumers, or call 1-877-881-6388.

Commissioner Miller recently issued a consumer alert on helping find lost life insurance policies.  These alerts are found on the Insurance Department's homepage.

MEDIA CONTACT: Ron Ruman, Insurance Department, 717-787-3289

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pennsylvania-insurance-department-offers-help-finding-lost-life-insurance-policies-location-of-policies-issued-by-now-defunct-companies-300149962.html

SOURCE Pennsylvania Department of Insurance