Watch KFOR Live Interactive Radar

New national program helping families find owed life insurance money

OKLAHOMA - The National Association of Insurance Commissioners has launched a brand new way to connect your family with insurance money that is owed to you.

The NAIC Lost Life Policy Locator is similar to the program launched in Oklahoma in March of 2015.

"I think one of the biggest problems we run into is they have a loved one pass away and they don't even know they had a life insurance policy," said Deputy Insurance Commissioner Buddy Combs.

The Oklahoma Insurance Department wants to help Oklahoma families get the money they deserve.

In the past year and a half, 828 families have used the state's life insurance policy locator service.

The department found 42 lost policies and recovered $600,000 for Oklahomans.

Combs recalled one policy worth $150,000 for a man who didn't know it was out there.

"That's money that was owed to him, and now he's got it," Combs said.

The NAIC database is now online.

"Expanding the database nationwide allows people in all the states to be able to contact insurance companies around the country to be able to get the money they are owed," Combs said.

For Oklahoma families, that means more ways to get the money you deserve.

Combs said the program is so simple and streamlined it literally costs the state nothing.

The Oklahoma Insurance Department didn't add one single state employee to field the citizen requests.