Finding a lost life insurance policy

An estimated $1 billion in benefits from life insurance policies are unclaimed, according to Consumer Reports. The National Association of Insurance Commissioners recently released a life policy locator tool to help people locate lost policies and annuities. Nearly 3,000 requests from consumers were submitted in the first month.

“This tool gives consumers the means to easily search for lost life insurance policies and provides families a genuine time-saving option when trying to get their financial affairs in order,” said Idaho Department of Insurance Director Dean Cameron. “This locator leverages NAIC technology to help consumers collect what was promised by insurance contracts.”

How it works:

• Beneficiaries, executors, or legal representatives of a deceased person may submit a search request form to the NAIC — the Idaho Department of Insurance website has a link to the form.

• Information needed to complete the form can be found on a certified death certificate for the deceased. Bank statements and safety deposit boxes may also provide needed information.

• The form contains some required fields — if the required information is not entered, the request cannot be submitted.

• The NAIC then asks participating companies to search their records to determine whether they have a life insurance policy or annuity contract in the name of the deceased.

• Participating companies that have policy information are asked to respond to the requester if the requester is the designated beneficiary or is authorized to receive information — this may take up to 90 business days.

• This service is free to consumers; neither insurance companies nor agents should assess a fee to users.

The Idaho Department of Insurance can help consumers who need additional assistance to resolve an issue with an insurance company. For questions about this or other insurance-related issues, consumers are encouraged to contact the Department by visiting www.doi.idaho.gov or by calling 334-4250 in the Boise area or (800) 721-3271 toll-free statewide.