The National Association of Insurance Commissioners (NAIC) Life Insurance Locator continues to connect consumers with loss insurance. Every year millions of dollars in life insurance benefits are not claimed by beneficiaries who can not find the insurance policies of their deceased relatives or, in some cases, do not even know that the insurance policies exist.
This is where the Life Insurance Policy Locator comes into play. This free online tool, managed by the NAIC, has received 145,432 requests, resulting in 46,665 matches lost or mislaid life insurance or pensions The companies reported claims of $ 650,520,451 as of July 31, 2019, since their launch in November 2016.
"Losing a loved one is often a painful, chaotic time, and beneficiaries who do not know where the political paperwork is can find it difficult to find it while they look after their relatives," says Eric A. Cioppa, President of NAIC and Maine Insurance Superintendent. "The NAIC Life Insurance Policy Locator offers consumers the ability to easily search for contracts and pensions."
Requests to locate policies are secure, confidential, and free. All matches found by participating insurers are reported to state insurance agencies through the NAIC Life Policy Locator. The companies are then responsible for contacting the beneficiaries.
Who can use the locator?
Someone. This service is open to the public, including beneficiaries and legal representatives.
If an applicant is a beneficiary and is informed by the company that a lost policy has been found, what information do employees need to request their benefits?
As a rule, a certified death certificate and an application form must be presented to the insurer who has concluded a policy.
How long does it take for an inquiry to be completed?
It can take up to 90 business days for an answer to arrive. Please note that a requester will not receive an answer if no matches are found, the requester is not the beneficiary, or the requester has no legal authority to receive information about the deceased.
As part of the Life Insurance Awareness Month, NAIC is hosting a Twitter chat on September 17, 2019 at 15:00 ET to address life insurance misunderstandings and raise expert questions. Use the hashtags #ProtectTomorrow and #NAICInsuranceChat to participate.
About the NAIC
As part of our federal insurance regulatory system in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data and analysis to insurance commissioners to effectively regulate the industry and protect consumers. The US Standards Organization is subject to the most important insurance regulatory agencies in the 50 states, the District of Columbia, and the five US territories. Through NAIC, state insurance regulators set standards and best practices, conduct peer reviews, and coordinate regulators. NAIC staffs support these efforts and represent the collective views of government regulators domestically and abroad. For more information visit www.naic.org,
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