Tennesseans Locate Over $17.5M in Life Insurance BenefitsNAIC’s Service Pairs Life Insurance Policies with Deceased Relatives, Friends
NASHVILLE – The Tennessee Department of Commerce and Insurance (TDCI) announces that over $17.5 million in life insurance benefits have been located for Tennesseans since Jan. 1 through the National Association of Insurance Commissioners’ (NAIC) Life Insurance Policy Locator Service.
Available since November 2016, the Life Insurance Policy Locator Service is a free tool that enables beneficiaries, executors, or legal representatives of a deceased person to track down the life insurance policies or annuity contracts of their late family members or friends.
During the five-month period of January 1, 2019 to May 31, 2019, Tennesseans submitted a total of 992 requests to the Life Insurance Policy Locator Service. Of those submitted, 398 requests were matched to policy benefits. Companies reported $17,509,674 in benefits being located for Tennesseans. By comparison, from January 1, 2018 to August 10, 2018, $6,808,924 was located.
“TDCI is proud to offer this free service through NAIC to Tennessee consumers,” said TDCI Interim Commissioner Carter Lawrence. “Handling the affairs and wishes of a deceased family member or loved one is an emotional and stressful time. The Lost Policy Locator Service can help take the burden of finding a policy off grieving family members and friends.”
The service does not track beneficiary information or claim payment after matches are reported so there is no way to determine the amount actually returned to consumers. The total claim amount only includes the amount reported by companies tied to a match.
As a first step in locating a loved one’s lost policy, TDCI suggests looking through papers or financial records to see if you can find where payments were being made to an insurance company. If consumers find any documents with an insurance company name listed, consumers are advised to contact the company directly and ask if a life insurance policy can be located.
Consumers can also complete NAIC’s online Life Insurance Policy Locator Service request form. Once the request is complete, NAIC will send the policyholder’s information to all licensed life insurance companies in Tennessee. Then, companies will check their records to determine if they have a policy matching the beneficiary’s information. The company will respond within 60 days if a match is found.
For more information about the Lost Policy Service and other consumer insurance resources, visit tn.gov/insurance or contact the TDCI Consumer Insurance Service Division at 1-800-342-4029 or (615) 741-2218.