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Insurance policy locator finds $852,000 for Alabamians in first year

Contact: Jennifer Bowen

(334) 269-3550

11/15/2017

More than 100 Alabamians have reaped the benefits of the Alabama Department of Insurance and the National Association of Insurance Commissioners’ (NAIC) Life Insurance Policy Locator during the locator’s first year in service.  The tool provides search capabilities to help find lost life insurance policies and annuities.

 

In Alabama, 106 beneficiaries have been matched with $852,560 during that time period.  “I encourage all Alabamians to log in and see if they are owed money.” Alabama Insurance Commissioner Jim Ridling said.  “This is an important tool for Alabama insurance consumers,” Ridling continued.

 

Users can search at: https://eapps.naic.org/life-policy-locator.

 

Nationally, the consumer tool has matched 8,210 beneficiaries with lost or misplaced life insurance policies or annuities – totaling $92.5 million returned to consumers – since its launch last November. More than 40,000 consumers have conducted searches since the policy locator was launched.

 

Since 2010, state insurance regulators have investigated unclaimed life insurance benefit payments. In 2015, life insurers paid more than $74 billion in insurance policy benefits to consumers nationwide.