WASHINGTON, Sept. 25, 2024 – The National Association of Insurance Commissioners (NAIC) announced today that its Life Insurance Policy Locator has achieved a significant milestone, connecting consumers with more than $10 billion in unclaimed benefits from annuities and life insurance policies since its launch in November 2016.
Helping Consumers Find Unclaimed Benefits
“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 seen substantial usage. The locator has received 886,727 requests nationwide. This high level of interest has resulted in 460,952 matches of life insurance policies or annuities, with companies reporting claim amounts totaling $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 online. The NAIC’s Consumer Insight section provides detailed instructions for using the locator:
- 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
After all the required fields are complete, submit your information. Your request will be stored in a secure, encrypted database. Participating life insurance and annuity companies can then securely access the information. You will receive an automated “Do Not Reply” email confirming your submitted request details.
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 can use this free service. It is available to the public, including beneficiaries and legal representatives. The NAIC also provides additional resources, such as the Life Insurance Buyer’s Guide, to help consumers prepare to purchase life insurance.
Should a match be found and the requester is notified by the company, what information is needed to claim benefits? Typically, a certified death certificate and the company’s claim form must be submitted to the insurer that found the policy.
Processing Time
It can take 90 business days or longer to complete a search. Please note that you will not receive a response if no matches are found, if you are not the beneficiary, or if you do not have the legal authority to obtain information about the policy.
About the National Association of Insurance Commissioners
As a crucial part of the state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis to insurance commissioners. This helps them effectively regulate the industry and protect consumers. The U.S. standard-setting organization is guided 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. The organization represents the collective views of state regulators both domestically and internationally.
