Harrisburg, PA – Today, the Pennsylvania Insurance Department (PID) announced that the National Association of Insurance Commissioners' (NAIC) Life Insurance Policy Locator has helped recover and return $59 million in benefits from over 3,000 life and annuity insurance policies to Pennsylvanians since January.
“Losing a loved one can put a significant financial strain on families, especially when the loss is unexpected,” said Pennsylvania Insurance Commissioner Michael Humphreys. “September is Life Insurance Awareness Month, and with that in mind, we want Pennsylvanians to know that we are here to help them access this free-to-use insurance tool to help locate their loved one’s life insurance policy and obtain the benefits they’re owed.”
Pennsylvania law requires all companies selling life insurance policies in Pennsylvania to participate in the service. PID's Consumer Help Center can help Pennsylvanians access the NAIC's free tool and answer questions about how it works.
When a consumer submits a request through the tool, the NAIC asks participating life insurance companies to search their records to determine whether they have a life insurance policy or annuity contract in the name of the deceased. The insurance company will then contact the requester if a policy is found and if the requester is named as a beneficiary.
Life insurance provides financial protection for a family and ensures that dependents and other family members are not burdened with the cost for final arrangements, such as funeral costs.
PID encourages Pennsylvanians who are looking to purchase or already have a life insurance policy to regularly review the policy with a licensed agent or insurance company to keep up with changes in income and needs. This includes getting married, the birth of a child, a recent divorce, or purchasing a mortgage.
Residents can learn more about life insurance and access the life insurance policy locator services on PID's website.
Consumers with any questions or concerns regarding a life insurance policy, or to file a complaint, can visit pa.gov/consumer or call 1-866-PA-COMPLAINT (1-866-722-6675).