The Life Insurance Policy Locator ‚ÄĒ launched by Insurance Commissioner Mike Kreidler through the National Association of Insurance Commissioners ‚ÄĒ has matched consumers with policies totaling $7.3 million in the past two years.
The national association launched the¬†free national locator service¬†in November 2016 to make it easier to connect consumers with lost life insurance policies or annuities. A total of 459 beneficiaries in Washington state have been matched with the $7.3 million in claims since November 2016.
‚ÄúThe response we‚Äôve received to the policy locator has been greater than anyone could‚Äôve anticipated,‚ÄĚ Kreidler said. ‚ÄúState insurance regulators saw there was a need for a national service like this to help consumers. This tool connects consumers with lost policies and possibly money they‚Äôre owed.‚ÄĚ
In its initial two years, the locator has matched nearly 25,000 consumers with policies, totaling $368 million nationwide.