Brought to you by WBIW News and Network Indiana
Last updated on Thursday, December 6, 2018
(INDIANAPOLIS) - The Life Insurance Policy Locator, launched by the Indiana Department of Insurance through the National Association of Insurance Commissioners, has matched Hoosier consumers with policies totaling $3,783,124 in the past 12 months.
The NAIC launched the free national locator service in November 2016 to make it easier to connect consumers with lost life insurance policies or annuities. In Indiana, 570 beneficiaries have been matched with $4,882,228 since November 2016.
"The policy locator is helping Hoosiers who don't know where to begin when searching for a lost life insurance policy or annuity, most often during a difficult time," said Indiana Department of Insurance Commissioner Stephen W. Robertson. "State insurance regulators saw there was a need for a national service like that a few years ago. This tool does just that by efficiently connecting consumers with lost policies and possibly money they're owed."
In its initial two years, the locator has matched 24,934 consumers with policies, totaling $368 million. More than 48,000 consumers have conducted searches nationwide in that time. During its first year, the policy locator initially found $92.5 million in lost benefits for consumers. As more matches were made to requests from that year, the first-year total has increased to $166.7 million.
About the Indiana Department of Insurance
The Indiana Department of Insurance (IDOI) protects Indiana's insurance consumers by monitoring and regulating the financial strengths and market conduct activities of insurance companies and agents. The IDOI monitors insurance companies and agents for compliance with state laws to protect consumers and to offer them the best array of insurance products available. The IDOI also assists Hoosiers with insurance questions and provides guidance in understanding how insurance policies work.
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