The National Association of Insurance Commissioners (NAIC) is launching a Life Insurance Policy Locator application for consumers looking for lost life insurance policies.
NAIC president and Missouri insurance commissioner John Huff announced the first phase in a national system for life insurance policy location leveraging NAIC data.
"The goal of life insurance is to provide for your beneficiaries when you are gone, but far too often life insurance policies go unclaimed because they're lost and consumers don't know how to find them," Huff said. "This project underscores the NAIC's mission to protect consumers. Regulators want to ensure claims are submitted and benefits are paid in a timely manner. This app will help accomplish that goal."
Consumers currently seeking assistance with finding life insurance policies can use the Life Insurance Policy Locator Service, which is available via the NAIC's Retirement Security Initiative microsite.
"The development of this consumer-friendly app will help consolidate an often arduous process and provide a singular centralized place for consumers to go for assistance," added Nick Gerhart, Iowa Insurance Commissioner and Life Insurance and Annuities Committee chair.
