NAIC Life Insurance Policy Locator helps consumers find $650 million in unclaimed benefits

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. The free online tool, maintained by the NAIC, has received 145,432 requests which have led to 46,665 matches of lost or misplaced life insurance policies or annuities with claim amounts of $650,520,451 being reported by companies through July 31, 2019, since its November 2016 launch, according to a Sept. 11 release from the NAIC.

“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.”

In Tennessee, for example, the Department of Commerce says millions of dollars in benefits go unclaimed every year by beneficiaries who cannot find their loved ones’ policies or, in some cases, may not even know these policies exist.

More than $18.5 million in life insurance benefits have gone unclaimed in the Volunteer state so far this year.

Since the NAIC created the Life Insurance Policy Locator tool, it has helped Tennessee consumers locate $18,522,493 in benefits through June 30, 2019.

Consumers can also complete the NAIC’s online Life Insurance Policy Locator Service request form. It may take up to 90 business days to receive a response related to a request. If no matches are found, requesters will not receive a response.

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 the legal authority to obtain information about the deceased.

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