OKLAHOMA CITY – Almost $2 million in lost life insurance policies and annuities has been matched to Oklahomans in the last 12 months. The policies were found through the Life Insurance Policy Locator, a free nationwide database.
The Oklahoma Insurance Department and the National Association of Insurance Commissioners launched the service in November 2016. In Oklahoma, 690 beneficiaries have been matched with $8 million since the service launched.
“The response we’ve received to the policy locator has been greater than anyone could’ve anticipated,” said Insurance Commissioner John D. Doak. “Insurance commissioners across the country saw a need for a national service that helps beneficiaries locate coverage under lost or misplaced policies. Many times folks can’t find a life insurance policy, don’t know the name of the company or even if the policy was in force at the time that a loved one passed. 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 service has matched 24,934 consumers throughout the U.S. with policies totaling $368 million. More than 48,000 searches nationwide have been conducted in that time.