More than 800 Tennessee residents have been matched up with lost life insurance policies that listed them as beneficiaries, thanks to a free service provided by state and national leaders.
The Life Insurance Policy Locator has helped reunite $16 million in payouts with beneficiaries. The National Association of Insurance Commissioners (NAIC) via the Tennessee Department of Commerce & Insurance (TDCI) launched the locator in November 2016 in an effort to connect consumers with lost policies.
On a national level, the locator matched 24,934 consumers with policies, totaling $368 million in its first two years. In Tennessee alone, 866 beneficiaries have been connected to a total of $15,791,028 so far.
‚ÄúThe response we‚Äôve received nationally and in Tennessee to the policy locator has been greater than anyone could have anticipated,‚ÄĚ said TDCI Commissioner and NAIC President Julie Mix McPeak. ‚ÄúState insurance regulators saw there was a need for a national service that efficiently connected consumers with lost policies and monies they were owed. This valuable service helps ease a burden for family members who might be grieving after the loss of a loved one.‚ÄĚ
More than 48,000 people have conducted searches using the tool. 3,306 requests for matches have been made in the volunteer state.
Learn more about state policy holder solutions and requests here.