OKLAHOMA CITY – When you lose a loved one, finding life insurance policies may be a complicated issue for many families.
The Oklahoma Insurance Department is reminding Oklahomans about the ‘Life Insurance Policy Locator,’ a free nationwide database.
In the past 12 months, officials say the database has helped Oklahomans claim almost $2 million in lost life insurance policies.
“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 first two years, the locator service has matched 24,934 consumers throughout the U.S. with policies worth $368 million. In Oklahoma, 690 beneficiaries have been matched with $8 million since the service launched in 2016.