Need To Find A Life Insurance Policy or Holder or Annunity Etc
States trumpeting effectiveness of Life Insurance Policy Locator tool
January 2, 2018
Since its launch in November 2016, the National Association of Insurance Commissioners’ (NAIC) Life Insurance Policy Locator tool has been used by more than 40,000 people nationwide and has matched more than 8,200 beneficiaries with lost or misplaced life insurance policy or annuities worth more than $92 million.
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.
“State insurance regulators identified the scattershot, intensely manual process of helping consumers search for lost life insurance policies,” Ted Nickel, NAIC president and Wisconsin Insurance Commissioner, told Financial Regulation News recently. “Working together with the NAIC we leveraged innovation and technology to develop a bespoke solution providing an easy way for consumers to access nearly all life insurers and search for lost life insurance policies. It’s been a positive partnership with the life insurers providing finality and peace of mind for consumers.”
According to Consumer Reports, an estimated $1 billion in benefits from life insurance policies are unclaimed.
A variety of states have released figures in recent weeks detailing how the policy locator tools have benefitted residents. Here’s a quick state-by-state summary, ranging from $11 million in proceeds in California to a mere $17,000 in Montana:
California: New state tool discovers $11 million worth of lost life insurance policies
The insurance policy locator tool has helped thousands of Californians receive more than $11 million in life insurance policy proceeds, according to the California Department of Insurance.
State officials said the Life Insurance Policy locator discovered lost or misplaced life insurance policies for 583 beneficiaries in the state. It was developed by the NAIC and the state’s insurance department in 2016.
“The Life Insurance Policy Locator was created to help beneficiaries search for lost life insurance policies and to ensure consumers receive money they are entitled to,” said California Insurance Commissioner Dave Jones, in a statement. “This national tool has been an enormous success. I encourage everyone to use this tool to see if they are owed benefits.”
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