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