The Pennsylvania Insurance Department (PID) announced on Sept. 9 that the National Association of Insurance Commissioner's (NAIC) Life Insurance Policy Locator has helped recover and return $59 million in benefits from 3,000 life and annuity policies to Pennsylvanians since January.
Pennsylvania law requires all companies selling life insurance policies in Pennsylvania to participate in this service.
When a consumer submits a request through this, the NAIC will ask companies to search their records if they have a life insurance policy or contract in the name of the deceased.
PID encourages Pennsylvanians who are looking to purchase a life insurance policy to regularly review the policy with a licensed agent to keep up with the changes of incomes or needs.
Pennsylvania residents can learn more about life insurance and access the life insurance policy locator services on PID’s website.
— Samara Carey