Many Life Beneficiaries Have No Idea Where the Policy Is: NAIC
January 31, 2020 by Allison Bell
Only 41% of life insurance beneficiaries who are Baby Boomers say they know where the life insurance policy is stored, and only 33% say they know the name of the life insurer that wrote the policy.
Beneficiaries in Generation Z are slightly more likely to say the know the name of the carrier, but Generation Z beneficiaries are much less likely to say they know where the policy is.
About 25% say they know the name of the carrier, but only 23% say they know where to find the policy.
The National Association of Insurance Commissioners (NAIC) has reported those findings in a summary of results from an online poll of about 1,000 consumers conducted earlier this month.