Did my Loved One Have Life Insurance?
*Madeleine was a hard-working single mom when life came to an abrupt halt. She was driving to work through dense fog when she fatally collided with another vehicle. Her family and friends were devastated. As her parents tried to move forward with the painful process of burying their youngest daughter, they were also faced with the stark reality of caring for her three young children. This new reality required financial means for which Madeleine’s parents were unprepared. Although Madeleine was a meticulous and caring mother, it was unclear whether she had a life insurance policy in place.
This is a story that plays out every day in various scenarios, each scenario leading to the same frustrating question: Did my loved one have life insurance?
Fortunately, there is an online tool for that very purpose. The Life Insurance Locator Service, created by the National Association of Insurance Commissioners (NAIC) enables loved ones, beneficiaries, legal representatives and executors to locate life insurance policies and annuity contracts.
In 2018, nearly $6.8 million in life insurance benefits were discovered in Tennessee and in nearly half of the requests made using the Life Insurance Locator Service, a policy was located.
When a request to find a life insurance policy is made, the NAIC’s Life Insurance Locator Service will begin by querying all licensed life insurance companies in Tennessee. Any companies discovering a matching policy will respond within 60 days.
The Life Insurance Locator Service is not responsible for claiming payment or tracking beneficiary information, but they can be of great assistance in that first step – determining whether or not there is a policy to claim for a deceased family member or close relationship.
If you are in the unfortunate predicament of trying to locate a life insurance policy and have checked financial records and receipts to no avail, complete the NAIC’s online Life Insurance Policy Locator Service request form.
Visit tn.gov/insurance or contact the TDCI Consumer Insurance Service Division at 1-800-342-4029 or (615) 741-2218 for more information about the Lost Policy Service and other resources and tools regarding consumer insurance.
*A fictionalized account
