Tennesseans locate more than $7.4 million through life insurance policy locator
Officials with the Tennessee Department of Commerce & Insurance announced life insurance benefits totaling $7,435,665 have been located .
NASHVILLE, Tenn. (WVLT) - Officials with the Tennessee Department of Commerce & Insurance announced life insurance benefits totaling $7,435,665 have been located for Tennesseans so far in 2020 through a life insurance claims tool.
The Life Insurance Policy Locator Service has been available since 2016 and enables beneficiaries, executors or legal representatives of a deceased person to locate life insurance policies and annuity contracts of their late family members, clients or friends.
“I am pleased to see that Tennesseans are using the Life Insurance Locator Service to find their loved ones' benefits during this year which has brought unprecedented hardships to Tennesseans,” said TDCI Commissioner Hodgen Mainda. “As part of Life Insurance Awareness Month, I remind Tennesseans to educate themselves about the importance of life insurance today so they might be better prepared to be a beneficiary in the future.”
According to records, Tennesseans submitted 913 requests for service this year and more than half of those requests were matched to life insurance benefits, a 34 percent increase since a report in May 2020.
In 2019, more than $27 million was located through the tool.
“Lack of preparation, including awareness of beneficiary status and basic policy information, leads to millions of dollars in unclaimed life insurance benefits each year,” said TDCI Assistant Commissioner Rachel Jrade-Rice. “Tennesseans who have questions about their insurance policies or feel they have been unfairly denied a claim by their insurance company should contact our team today.”
The locator service does not track beneficiary information or claim payment after matches are reported.
Copyright 2020 WVLT. All rights reserved.