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NAIC Life Insurance Policy Locator Matches More Than $1 Billion in Life Insurance Benefits and Annuities to Beneficiaries

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WASHINGTON (Sept. 14, 2020) – The National Association of Insurance Commissioners’ (NAIC) Life Insurance Policy Locator continues to connect consumers with life insurance benefits. Each 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.

That's where the Life Insurance Policy Locator comes in. This free online tool, maintained by the NAIC, has received 227,551 requests countrywide, which has led to 81,349 matches of life insurance policies or annuities with claim amounts of $1,028,479,262 being reported by companies through July 31, 2020. The service was first launched in November 2016.

“According to a recent NAIC survey, many life insurance beneficiaries are unprepared,” said Ray Farmer, NAIC President and South Carolina Department of Insurance Director. “To help bridge that gap, the NAIC has created information to help consumers prepare to purchase life insurance and the Life Insurance Policy Locator to help consumers if they don’t have all the information they need to file a claim. We are pleased that this tool has helped so many consumers find annuities and life insurance policies and has helped match more than $1 billion to rightful beneficiaries since its inception.”    

The online policy locator requests are secure, confidential, and free. Participating insurance companies are responsible for contacting beneficiaries and reporting matches to state insurance agencies through the NAIC Life Insurance Policy Locator.

Who can use the locator?
Anyone. This service is open to the public, including beneficiaries and legal representatives.

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 which found a policy.

How long does it take for a request to be completed?
It may take up to 90 business days to complete the search. Please note 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 NAIC

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. For more information, visit www.naic.org.

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