(WASHINGTON, DC)—Life Insurance Policy Locator Tracks $416,000 for District Residents in Second Year.
The Life Insurance Policy Locator—launched by the Department of Insurance, Securities and Banking (DISB) through the National Association of Insurance Commissioners—was launched in November 2016. The locator is a free service that makes it easier to connect consumers with lost life insurance policies or annuities. Since its inception, 50 District of Columbia beneficiaries have been matched with a total of $416,000 in benefits.
In the last 12 months, the locator has matched DC residents with policies totaling $258,000 in benefits.
“The response we have received to the policy locator has been greater than anyone could have anticipated,” said Stephen C. Taylor, DISB Commissioner. “Part of Mayor Bowser’s vision is to protect and support District consumers. This tool does just that by efficiently connecting consumers with lost policies and possibly money they are owed.”
In its initial two years, the locator has matched 24,934 consumers nationwide with policies totaling $368 million. More than 48,000 consumers have conducted searches in that time.
To locate benefits from lost life insurance policies, the necessary documents and information must be collected. An old copy of the policy will be most helpful. Personal details of the insured individual including the full name (maiden name for a married individual), Social Security number and the state where the policy was purchased are also important. To claim the benefit, proof of the insured’s death (usually a death certificate) is required.