Today, the California Department of Insurance launched a new online tool, the Life Insurance Policy Locator, which is available to help consumers search for possible life insurance policy or annuity proceeds anywhere in the nation.
“Many potential beneficiaries are unaware that they are due life insurance benefits and are unsure where to begin searching for a lost policy,” said Insurance Commissioner Dave Jones. “The Life Insurance Policy Locator was created to simplify this process and ensure consumers receive the benefits they are entitled to.”
Created by The National Association of Insurance Commissioners (NAIC) the service is designed to offer consumers who may suspect they or a family member is the beneficiary of a life insurance policy or annuity, but may now have some of the key information typically needed to search, such as a policy number or name of the insurer.
The national service provides consumers with search capabilities to help find a deceased person’s lost life insurance policies and annuities. An estimated
$1 billion in benefits from life insurance policies are unclaimed, according to Consumer Reports.
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. This service is free of charge.
For tips on searching records, the department urges consumers to visit the California Department of Insurance website. If a person finds a life insurance policy for a deceased relative but cannot locate the company, they can call their Consumer Hotline at1-800-927-4357.
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.
McKennon Law Group PC regularly handles life insurance matters and inquiries from consumers requesting assistance with their life insurance claims and unpaid life insurance benefits. If you have a life insurance claim that has been denied, please call us for a free consultation at 1-800-682-4137.