More than half a million dollars has been returned to Oklahomans in just under a year with the Oklahoma Insurance Department’s Lost Life Policy Locator Service. The free tool helps people find a life insurance policy or annuity contract left by a deceased loved one.
“We are thrilled to see that the Lost Life Policy Locator Service is working,” Oklahoma Insurance Commissioner John D. Doak said. “When we launched in March of 2015, we were hoping to bridge the gap between insurance companies and Oklahomans who think they may be listed as a beneficiary. I’m proud that we’ve been able to do that, and we will continue the effort.”
The Oklahoma Insurance Department (OID) has received 429 requests to search for lost policies in the last year. To date, OID has located 29 policies and recovered $534,483.69 for Oklahomans.
The Lost Life Policy Locator Service requires consumers submit necessary information about the deceased including a copy of the death certificate. Then, OID will contact all state-licensed life insurance companies asking them to search their records for any life insurance policies or annuity contracts insuring the deceased. If a policy is found, that insurance company will contact the beneficiary to complete the claim. The entire process usually takes about 45-60 days.
To use the service, visit the Lost Life Policy Locator Service website or contact the Oklahoma Insurance Department at 1-800-522-0071.