Commissioner of Insurance Mike Chaney issued the following statement.
Each year, millions of dollars in life insurance benefits go unclaimed by beneficiaries who can’t find their loved ones’ policies or in some cases may not even know the policies exist. The Life Insurance Policy Locator is a free tool, maintained by the National Association of Insurance Commissioners (NAIC).
It has helped more than 3,500 Mississippi consumers claim more than $72 million in benefits since its inception in November 2016. From August 1, 2022 – August 1, 2023, nearly 1,500 Mississippians have used the tool. Those who were successful in locating a life insurance policy found more than $36 million in that 12-month span.
“Without the life insurance policy locator, insurance benefits may have gone unclaimed,” said Insurance Commissioner Mike Chaney. “The tool helps us meet our goal of protecting consumers and connecting them with lost policies and possibly money that they’re owed.”
The policy locator requests are secure, confidential and free. Any matches found by participating insurers are reported to insurance companies. The companies then are responsible for contacting beneficiaries.
You can find out more about the Life Insurance Policy Locator here: https://eapps.naic.org/life-
6 comments:
Is there a similar program for hospitalization benefits?
I searched my ex-wife's name but she is still alive.
Surely these benefits going unclaimed is not by design, right. RIGHT?
@3:41 PM
Sorry for your loss.
@ 3:41 - I'm thinking you probably aren't the beneficiary on any policy on the life of your ex, unless you took the policy out and continue to pay the premiums. And if the latter is true you will be a suspect in her death.
I’m kinda astonished at the snark comments. Being in the financial planning field, this is a big problem. Imagine your spouse, parents, grandparents. Ect… buying a policy through work or in a group plan that you never knew about. The funds could certainly change your life or at the very least take care of some expenses. Mike Chaney is a little under the radar but has done an excellent job as insurance commissioner.
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