The state announced Tuesday the launch of a national online tool that aims to help Hawaii consumers find a deceased person’s life insurance.
The Hawaii Department of Commerce and Consumer Affairs Insurance Division said the National Association of Insurance Commissioners helps consumers access different states’ policies, including Hawaii’s, to find life insurance policies and annuities.
Those who believe they are beneficiaries, executors or legal representatives of the life insurance policy are eligible to use the free tool.
State Insurance Commissioner Gordon Ito said Hawaii’s Insurance Division receives about 35 to 40 requests annually from consumers looking to find a possible life insurance policy.
“There are many people who don’t know where to begin when searching for a lost life insurance policy or annuity,” Ito said in a news release. “The nationwide locator streamlines and simplifies the process for consumers and insurance companies.”
In 2015 life insurers paid more than $74 billion in insurance policy benefits nationwide, according to NAIC. Since 2010 nearly 23 regulatory actions have resulted in returning more than $6.75 billion in life insurance proceeds to U.S. consumers, the association said.
The state said an old copy of the policy is helpful when using the locator tool. Other personal details of the deceased person can help in the search. These details include the person’s full name (maiden name for a married individual), Social Security number and the state where the policy was purchased.
A copy of the death certificate is necessary to claim the benefit.
NAIC said life insurance companies will respond directly to the person who submitted the request. The companies contact the beneficiary only if they have reason to believe they have a life insurance policy or annuity contract in the name of the deceased.
It can take up to 90 days for a company to respond to a request. There is no limit on the amount of requests a person may submit.
To begin searching, visit cca.hawaii.gov/ins/life-insurance.
