There’s a new service available in Georgia to help consumers locate unclaimed benefits. The Life Insurance Policy Locator provides nationwide access for assistance with finding life insurance policies and annuities.
An estimated $1 billion in benefits from life insurance policies are unclaimed, according to Consumer Reports.
“There are many Georgians who don’t know where to begin when searching for a lost life insurance policy,” says Georgia Insurance Commissioner Ralph Hudgens. “The life insurance policy locator streamlines and simplifies the process for consumers.”
With the new service, Georgian’s can submit a search request online. Requests are encrypted and secured to maintain confidentiality. Participating insurers will compare submitted requests with available policyholder information and report all matches to state insurance departments through the locator. Companies will then contact beneficiaries or their authorized representatives.
Before using the service, Hudgens recommends searching the deceased person’s records. This search should include looking through their personal files, contacting any previous employers and reviewing bank accounts.
To start an online search using the Life Insurance Policy Locator, visit https://eapps.naic.org/life-policy-locator/.
For more information visit www.oci.ga.gov or call the State Insurance Commission at 800-656-2298.
