More than $10 billion in unclaimed benefits from life insurance policies and annuities has been recovered for consumers who have used the National Association of Insurance Commissioners’ (NAIC) Life Insurance Policy Locator tool. In an announcement celebrating the milestone, the NAIC noted that since its official launch in November 2016, the no fee, secure, online tool has processed approximately 886,727 requests nationwide, resulting in 460,952 matches for life insurance policies or annuities.
“When it comes to closing financial protection gaps, life insurance is crucial,” said Andrew N. Mais, NAIC President and Connecticut Insurance Department Commissioner. “Many consumers may not realize that a life insurance policy can secure their financial futures after the loss of a loved one, and there are consumers who don’t have the required information to file a life insurance claim. The Life Insurance Policy Locator helps bridge that knowledge gap and provides consumers with valuable support.”
Participating insurance companies are responsible for reaching out to beneficiaries and reporting policy matches to state insurance departments through the NAIC’s locator tool.
As of August 31, 2024, insurance companies have reported total claim amounts of $10,117,434,892.
How the Life Insurance Policy Locator Works
Consumers can access the Life Insurance Policy Locator via the NAIC website. To use the tool, individuals must provide the following information:
- Review the welcome page and agree to the process.
- Enter your name and address.
- Submit a search request by entering the deceased’s information from the death certificate: Social Security number; Legal first name; Legal last name; Date of birth; Date of death
- Relationship to the deceased
- Submit your information
After submitting the request, participating insurance and annuity companies can access the secure database to identify potential matches. If a match is found, the insurer will contact the beneficiary directly.
Availability and Requirements
The service is free and open to the public, including beneficiaries and legal representatives. Typically, beneficiaries will need to provide a certified death certificate and a claim form to the insurer to receive benefits. It may take up to 90 business days or more to complete a search, and if no matches are found, no response will be provided.
For more information on how to use the Life Insurance Policy Locator or additional resources like the NAIC’s Life Insurance Buyer’s Guide, visit the NAIC website.
