Shockingly, there is nearly $1 billion in unclaimed life insurance benefits out there, according to Consumer Reports. That means that millions of people who were supposed to receive a life insurance benefit didn’t know they were supposed to receive it and did not pursue a claim. Thankfully, the National Association of Insurance Commissioners (NAIC) are doing something about it.
NAIC recently launched a new online tool called the Life Insurance Policy Locator. This tool will help consumers search for possible life insurance policy or annuity proceeds anywhere in the nation. One of the problems consumers had in the past is that they may have suspected they or a family member was the beneficiary of a life insurance policy or annuity, but didn’t have key information like the policy number or the name of the insurance company. With the Life Insurance Policy Locator you can simply start with the person’s name. Obviously, the more information you can provide is better, but not necessary to submit a request.
This is how it works:
- Submit a request
- NAIC will then ask participating companies to search their records to determine whether they have a life insurance policy or annuity contract in the name of the deceased.
- If you are a beneficiary or authorized to receive information, companies that have policy information for you will respond directly to you.
- It may take up to 90 business days to be contacted. The insurance company may require additional information from you like a notarized death certificate and documentation of your legal authority to request or obtain information about the deceased.
- This service is completely free.
If you think that you might be a life insurance beneficiary, it doesn’t hurt to submit a request and see if part of that $1 billion could be yours.