Unclaimed Life Insurance Policies Worth Millions
Mike Seals - July 30, 2020 10:18 pm
Life Insurance Policy Locator Provides Over $13 Million to Oklahoma Consumers Since 2016
OKLAHOMA CITY – Each year, millions of dollars in life insurance benefits go unclaimed by beneficiaries who can’t find their deceased loved ones’ policies or, in some cases, may not even know the policies exist. Since 2016, the Life Insurance Policy Locator, launched by the Oklahoma Insurance Department through the National Association of Insurance Commissioners, has helped 3,972 Oklahoman requests, which has led to 1,142 matches with a total claim amount of $13,109,451.
“Unclaimed life insurance policies are more common than you would think,” said Insurance Commissioner Glen Mulready. “With this free nationwide service, families who are left scrambling to track down a lost life insurance policy after the death of a loved one now have an easier way to search for policies and annuities.”
The policy locator requests are secure, confidential and free. Any matches found by participating insurers are reported to state insurance agencies through the Life Policy Locator. The companies then are responsible for contacting beneficiaries.
For more information on the Life Insurance Policy Locator, visit https://www.oid.ok.gov/