Tennessee has millions in unclaimed life insurance polices

MEMPHIS, Tenn. (WMC) -- Tennesseans listen up!

The Department of Commerce is helping consumers collect millions in unclaimed life insurance policies.

According to the department, millions of dollars in benefits go unclaimed every year by beneficiaries who cannot find their loved ones’ policies or, in some cases, may not even know these policies exist.

More than $18.5 million in life insurance benefits has gone unclaimed in the state so far this year.

To help consumers locate unclaimed money, the National Association of Insurance Commissioners (NAIC) created the Life Insurance Policy Locator tool.

Since the free tool was created, it has helped Tennessee consumers locate $18,522,493 in benefits through June 30, 2019.

Consumers can also complete the NAIC’s online Life Insurance Policy Locator Service request form. It may take up to 90 business days to receive a response related to a request. If no matches are found, requesters will not receive a response.

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