Millions of dollars recovered from lost insurance policies

Mar 27th, 2019 | By | Category: News

The Life Insurance Policy Locator — launched in Washington by state Insurance Commissioner Mike Kreidler through the National Association of Insurance Commissioners (NAIC) — has helped consumers track down and receive policy claims worth more than $7 million in the past two years. 

The national association created the free national locator service in November 2016 to make it easier to connect consumers with lost life insurance policies or annuities. A total of 459 beneficiaries in Washington have been matched with $7.3 million in claims between November 2016 and November 2018.

According to NAIC, consumers can have a hard time finding misplaced policy documents, especially when assisting an elderly relative or helping settle an estate. The search is complicated if an agent or company holding the policy has changed.

“The response we’ve received to the policy locator has been greater than anyone could have anticipated,” said Kreidler, the elected head of Washington’s office of the insurance commissioner. “State insurance regulators saw there was a need for a national service like this to help consumers. This tool connects consumers with lost policies and possibly money they’re owed.”

In its initial two years, the locator has matched nearly 25,000 consumers with policies, totaling $368 million nationwide, officials reported.

Additional information is available at insurance.wa.gov (state insurance commissioner) and eapps.naic.org (NAIC).

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