NAIC Life Insurance Tool Helps Connect Consumers With More Than $10 Billion in Unclaimed Benefits
The National Association of Insurance Commissioners (NAIC) proudly announces that its Life Insurance Policy Locator has connected consumers with more than $10 billion in unclaimed benefits from annuities and life insurance policies since the tool’s launch in November 2016.
“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.”
The free online tool, maintained by the NAIC, has received 886,727 requests nationwide. The level of interest has led to 460,952 matches of life insurance policies or annuities, with companies reporting claim amounts of $10,117,434,892 through August 31, 2024.
The online policy locator requests are secure, confidential, and free. Participating insurance companies are responsible for contacting beneficiaries and reporting matches to state insurance departments through the NAIC Life Insurance Policy Locator.
How to use the Life Insurance Policy Locator
The tool can be found here. The NAIC’s Consumer Insight explains how to use the tool.
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Review the welcome page and agree to the process.
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Enter your name and address.
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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
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Relationship to the deceased
After all required fields are complete, submit your information.
Your request will be stored in a secure, encrypted database where participating life insurance and annuity companies can access the information through a secure portal. You will receive a “Do Not Reply” email confirming the request details you submitted. If a policy is found and you are the beneficiary, the life insurance or annuity company will contact you directly.
Who can use the locator?
Anyone. This service is free and available to the public, including beneficiaries and legal representatives. The NAIC created additional resources, such as the Life Insurance Buyer’s Guide, to help consumers prepare to purchase life insurance.
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 that found a policy.
How long does it take for a request to be completed?
It may take 90 business days or more to complete the search. Please note that a requester will not receive a response if no matches are found, the requester is not the beneficiary, or the requester does not have legal authority to obtain information about the policy.
About the National Association of Insurance Commissioners
As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.