The New Jersey Department of Banking and the National Association of Insurance Commissioners (NAIC) has made locating lost life insurance policies and annuities easier for consumers with a new electronic service.
The automated tool allows consumers to enter their information on a one-page online form and submit it electronically to find valid annuity contracts or insurance policies.
This new service is especially helpful to individuals who believe available coverage exists, but cannot find original documents or policy information to verify its existence.
“Often people do not know where to turn when searching for a lost life insurance policy or annuity,” said Department of Banking and Insurance Commissioner Richard J. Badolato. “Now they can submit their information through our website portal and make an inquiry using the new life insurance policy locator. This is a faster, streamlined approach to assisting consumers get the information they need to file for their benefits.”
If an individual believes they are a beneficiary, executor or legal representative of the deceased individual, they can use the electronic search tool to submit a search request to insurance companies licensed in New Jersey.
Each consumer request is encrypted and secured to ensure customer confidentiality. Insurance companies will take the consumer information provided and compare it to available policyholder information. The insurance companies will report all matches to the Department of Banking and Insurance and contact the beneficiary or their authorized representatives.