NAIC Life Insurance coverage Locator Helps Customers Discover $650M In Life Insurance coverage

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The Nationwide Affiliation of Insurance coverage Commissioners (NAIC) Life Insurance coverage Coverage Locator continues to attach shoppers with misplaced life insurance coverage. Every year, thousands and thousands of dollars in life insurance coverage advantages go unclaimed by beneficiaries who cannot discover their deceased family members’ insurance policies or in some instances might not even know the insurance policies exist.

That is the place the Life Insurance coverage Coverage Locator is available in. This free on-line device, maintained by the NAIC, has acquired 145,432 requests which has led to 46,665 matches of misplaced or misplaced life insurance coverage insurance policies or annuities with declare quantities of $650,520,451 million being reported by firms by way of July 31, 2019 since its November 2016 launch.

“Shedding a cherished one is usually a painful, chaotic time. Beneficiaries who do not know the place coverage paperwork is situated might wrestle to seek out it whereas taking good care of their family members’ property,” says Eric A. Cioppa, NAIC President and Maine Insurance coverage Superintendent. “The NAIC’s Life Insurance coverage Coverage Locator provides shoppers a approach to simply seek for insurance policies and annuities.”

The coverage locator requests are safe, confidential and free. Any matches discovered by taking part insurers are reported to state insurance coverage companies by way of the NAIC Life Coverage Locator. The businesses then are answerable for contacting beneficiaries.

Who can use the locator?
Anybody. This service is open to the general public, together with beneficiaries and authorized representatives.

If a requester is a beneficiary and is notified by the corporate that a misplaced coverage has been discovered, what data do individuals have to request their advantages?
Usually, a licensed demise certificates and firm declare type have to be submitted to the insurer which discovered a coverage.

How lengthy does it take for a request to be accomplished?
It might take as much as 90 enterprise days to obtain a response. Please notice a requester is not going to obtain a response if no matches are discovered, the requester just isn’t the beneficiary, or the requester doesn’t have authorized authority to acquire details about the deceased.

As a part of Life Insurance coverage Consciousness Month, the NAIC is internet hosting a Twitter chat to right misconceptions about life insurance coverage on September 17, 2019 at three PM ET, for individuals to ask questions of consultants. Use the hashtags #ProtectTomorrow and #NAICInsuranceChat to take part.

In regards to the NAIC

As a part of our state-based system of insurance coverage regulation in america, the Nationwide Affiliation of Insurance coverage Commissioners (NAIC) supplies experience, information, and evaluation for insurance coverage commissioners to successfully regulate the business and defend shoppers. The U.S. standard-setting group is ruled by the chief insurance coverage regulators from the 50 states, the District of Columbia and 5 U.S. territories. By means of the NAIC, state insurance coverage regulators set up requirements and finest practices, conduct peer critiques, and coordinate regulatory oversight. NAIC workers helps these efforts and represents the collective views of state regulators domestically and internationally. For extra data, go to www.naic.org.

 

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