Owed money from a life insurance policy? Here's how to find out
Table of Contents
Are you owed money as the beneficiary of a life insurance policy but don't know or don't have the policy details? Now there's a way to find out.
The National Association of Insurance Commissioners offers a free Life Insurance Policy Locator, and Virginia State Corporation Commission officials are encouraging Virginians to use it.
Since the tool's launch in November 2016, 1,141 Virginians have recovered more than $15.7 million, according to Virginia Insurance Commissioner Scott A. White. Nationally, the tool has matched more than 36,500 beneficiaries with lost or misplaced life insurance policies or annuities totaling more than $528 million.
Beneficiaries, executors or legal representatives of a deceased person may submit a search request form to the NAIC at https://www.scc.virginia.gov/boi/cons/index.aspx or to the NAIC website at http://locator.naic.org.
Then, the NAIC asks participating companies to search their records to determine whether they have a life insurance policy or annuity contract in the name of the deceased. Those that do then are asked to contact the requester, if that person is the designated beneficiary and is authorized to receive information. There should be no fee for the service.
To help search for a policy, you will need the full name of the deceased (as well as the maiden name for a married individual), the Social Security number and the state in which the policy was purchased. You'll also need a copy of the death certificate.
Under Virginia law, life insurance companies that know that a policyholder has died but cannot locate the beneficiaries of the policy are required to turn over the benefits of the policy to the state’s unclaimed property office if the benefits are not claimed after a certain number of years. If you know the state in which a life insurance policy was written, check with that state’s insurance department or the office that handles unclaimed property.
For details, contact the Consumer Services Section of the Virginia Bureau of Insurance Life and Health Division at 1-877-310-6560 or visit www.scc.virginia.gov/boi.
