Losing loved ones is hard enough, but for some families, finding all of the assets they left behind is difficult too. That includes life insurance policies and annuity contracts.
Sometimes, the records are lost.
In other cases, the family doesn’t even know they exist.
Nationally, about $1 billion in benefits is unclaimed, but now there’s a new tool to help survivors locate the money they’re owed — and it’s free.
It’s called the Life Insurance Policy Connector.
Here’s how it works: Survivors submit a search request using their loved one’s name and other personal information. The National Association of Insurance Commissioners then asks participating companies to check their records. If there’s a match, the company will ask for a death certificate plus any proof that confirms the identities of the estate’s beneficiaries.
So far in Massachusetts, the connector has matched 342 residents with $4.1 million in lost benefits. Nationally, it’s helped 24,934 people find $368 million.
Searches can take up to 90 business days to complete.
Click here to request a free search.