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TN Dept. of Commerce & Insurance locates $17.5 million in life insurance benefits; service offers help for loved ones

(TDIC NEWS RELEASE) – The Tennessee Department of Commerce and Insurance (TDCI) announces that over $17.5 million in life insurance benefits have been loc...
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(TDIC NEWS RELEASE) – The Tennessee Department of Commerce and Insurance (TDCI) announces that over $17.5 million in life insurance benefits have been located for Tennesseans since Jan. 1 through the National Association of Insurance Commissioners’ (NAIC) Life Insurance Policy Locator Service.

Available since November 2016, the Life Insurance Policy LocatorService is a free tool that enables beneficiaries, executors, or legalrepresentatives of a deceased person to track down the life insurance policiesor annuity contracts of their late family members or friends.

During the five-month period of January 1, 2019 to May 31, 2019,Tennesseans submitted a total of 992 requests to the Life Insurance PolicyLocator Service. Of those submitted, 398 requests were matched to policybenefits. Companies reported $17,509,674 in benefits being located forTennesseans. By comparison, from January 1, 2018 to August 10, 2018, $6,808,924was located.

“TDCI is proud to offer this free service through NAIC toTennessee consumers,” said TDCI Interim Commissioner Carter Lawrence. “Handlingthe affairs and wishes of a deceased family member or loved one is an emotionaland stressful time. The Lost Policy Locator Service can help take the burden offinding a policy off grieving family members and friends.”

The service does not track beneficiary information or claimpayment after matches are reported so there is no way to determine the amountactually returned to consumers. The total claim amount only includes the amountreported by companies tied to a match.

As a first step in locating a loved one’s lost policy, TDCIsuggests looking through papers or financial records to see if you can findwhere payments were being made to an insurance company. If consumers find anydocuments with an insurance company name listed, consumers are advised tocontact the company directly and ask if a life insurance policy can be located.

Consumers can also complete NAIC’s online Life Insurance Policy Locator Service request form. Once the request is complete, NAIC will send the policyholder’s information to all licensed life insurance companies in Tennessee. Then, companies will check their records to determine if they have a policy matching the beneficiary’s information. The company will respond within 60 days if a match is found.

For more information about the Lost Policy Service and other consumer insurance resources, visit tn.gov/insurance or contact the TDCI Consumer Insurance Service Division at 1-800-342-4029 or (615) 741-2218.