ATLANTA – During its first year, the National Association of Insurance Commissioners’ Life Insurance Policy Locator has helped hundreds of Georgians with lost or misplaced insurance policies or annuities, according to the Georgia Department of Insurance.
The department said the free consumer tool has matched 589 Georgia beneficiaries with lost or misplaced life insurance policies or annuities, returning $6,617,801.60 to those consumers.
“So far this year, hundreds of Georgians have been matched with lost or misplaced life insurance policies and annuities totaling $6.6 million,” Insurance Commissioner Ralph Hudgens said. “The response from this application has been tremendous. I encourage everyone to log in to see if they have unclaimed money left to them from a deceased family member or loved one.”
About 3,362 consumers have conducted searches for Georgia policies since the policy locator was launched in Dec. 2016. The service was created to help consumers locate benefits from life insurance policies and annuity contracts. Individuals who believe they are beneficiaries, executors or legal representatives of a deceased person may submit a search request form.
Nationally, the consumer tool has matched 8,210 beneficiaries with payouts totaling $92.5 million.
“There are many Georgians who don’t know where to begin when searching for a lost life insurance policy,” Deputy Insurance Commissioner Jay Florence said. “The life insurance policy locator streamlines and simplifies the process for consumers.”
According to Consumer Reports, an estimated $1 billion in benefits from life insurance policies are unclaimed.
Since 2012, the Georgia Department of Insurance has entered into 25 multistate regulatory actions that resulted in 9,770 Georgians receiving unclaimed life insurance benefits totaling $199,958,666.