Life Locator Finds Millions in Delaware
Since the Delaware Department of Insurance released the Life Insurance Policy Locator in November 2016, Insurance Commissioner Trinidad Navarro says it has found millions dollars for beneficiaries. “This is a tool that can be used by people when someone passes; it’s free,” he says. “And we’ve had tremendous success with this program; it has been almost four years now and during that time period we’ve recovered over $3.5 million for people who otherwise may not have had an opportunity or a mechanism to find policies that benefited folks who were due.”
Navarro explains that requests are submitted by a beneficiary, executor, or legal representative - and then a National Association of Insurance Commissioners liaison asks participating companies to search their records to identify any matching policies or annuity contracts. Navarro adds that $1,071,516 was claimed in 2019 alone - and in the past five months successful searches have turned up $402,574 for beneficiaries.