Life insurance is a way that we can take care of our family members after we are gone from this life. However, those family members who are beneficiaries of our life insurance policies might not be adequately prepared to file a claim when the time comes. A recent survey conducted by the National Association of Insurance Commissioners (NAIC) found that, while 45% of Generation Z members surveyed are listed as beneficiary on a life insurance policy, only 22% are prepared with proper information to collect the benefit.
Fortunately, help is available. If you are or think you are a beneficiary on a deceased relative’s or friend’s life insurance policy and have been unable to find any documentation, you can use the NAIC Life Insurance Policy Locator Service. This service can “assist consumers in locating life insurance policies and annuity contracts of a deceased family member or close relationship.” The process is as simple as visiting the policy locator service website and entering some information. The NAIC will query participating companies, and any companies with policies matching your query will respond to you within 60 days.
The best thing you can do to help your life insurance beneifiaries is to make sure they know where to find your important documents in the event of your death. You might print a page with a note about the NAIC Life Insurance Policy Locator Service to include in your files. You never know when it might come in handy.
Sources:
“NAIC Life Insurance Policy Locator Service” by Steve Anderson
NAIC Life Insurance Policy Locator Service portal
NAIC Life Insurance Policy Locator Service FAQ (Frequently Asked Questions)