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WASHINGTON (Sept. 25, 2023)

NAIC Life Insurance Tool Helps Connect Consumers With More Than $6 Billion in Unclaimed Benefits

The National Association of Insurance Commissioners (NAIC) is proud to announce that its Life Insurance Policy Locator has connected consumers with more than $6 billion in unclaimed benefits from annuities and life insurance policies since the tool’s launch in November 2016. 

“Every year, millions of dollars in life insurance benefits go unclaimed by beneficiaries who can't find their deceased loved ones' policies or, in some cases, may not even know the policies exist,” said Chlora Lindley-Myers, NAIC President and Missouri Department of Commerce and Insurance Director. “Some consumers don’t have all the information they need to file a claim. That’s where the Life Insurance Policy Locator comes in and provides consumers with this valuable support.”  

The free online tool, maintained by the NAIC, has received 606,140 requests nationwide. This has led to 312,557 matches of life insurance policies or annuities, with companies reporting claim amounts of $6,033,957,707 through June 30, 2023.  

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. 

Who can use the locator? 
Anyone. This service is free and open to the public, including beneficiaries and legal representatives. Consumers can learn to use the tool by reviewing the NAIC’s Consumer Insight titled “Learn How to Use the NAIC Life Insurance Policy Locator.” 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.