Life insurance locator helps Coloradans find $1.3 million
December 27, 2017 by Monica Mendoza
The National Association of Insurance Commissioners has helped Coloradans find $1.3 million in life insurance benefits owed to them.
The NAIC created an online search tool, Life Insurance Policy Locator, last November to help people find life insurance and annuities contracts in their names.
Colorado’s Division of Insurance said that 757 Coloradans used the search tool and of those 134 responses that led to $1.3 million making its way to beneficiaries.
“This tool helps Coloradans get the insurance benefits their spouses, parents, grandparents and other loved ones have already paid for,” said Commissioner of Insurance Marguerite Salazar.
Regulators discovered the problem of lost or misplaced polices and wanted a way to get the money back into the hands of the people who were owed.
Across the country, more than 40,000 consumers conducted searches in the past year and the tool has matched 8,210 beneficiaries with lost or misplaced life insurance policies or annuities worth $92.5 million.
When consumers use the policy locator, their requests are encrypted and secured to maintain confidentiality. Participating insurers compare submitted requests with available policyholder information. Inquiries can take up to 90 days.