Life policy locator

What it means

The National Association of Insurance Commissioners runs a locator that forwards a request to participating life insurers. Where a company finds a policy and the requester is entitled to the proceeds, it makes contact.

Several states run their own locator service as well, sometimes reaching insurers the national one does not.

It is free, and there is no legitimate reason to pay a company to do it.

Why it matters

Unclaimed life insurance is one of the largest categories of money families never receive, usually because nobody knew a policy existed.

It costs nothing and takes minutes, and it is worth doing alongside an unclaimed property search rather than instead of one.

When you are likely to meet it

• When searching for a policy nobody can find.
• When a parent mentioned insurance and left no paperwork.
• After the immediate work of a death is done.

Related terms

• Cash surrender valueWhat a permanent life insurance policy is worth if it is cashed in during the insured person's lifetime.
• Contestability periodThe window, usually two years, in which a life insurer may investigate and rescind a policy.
• Death Master FileA federal record of reported deaths, used by insurers and institutions to identify account holders who have died.
• EscheatWhat happens when property nobody has claimed is handed to the state. In most cases the state holds it as custodian for the owner rather than taking ownership of it.
• Group life insuranceLife insurance provided through an employer, union or association rather than bought individually.
• Lapsed policyA life insurance policy that has ended because premiums were not paid — sometimes without anybody realizing.
• Retained asset accountAn account an insurer opens in the beneficiary's name instead of sending a check, holding the life insurance proceeds until they are drawn.
• Unclaimed propertyMoney and accounts a business has lost touch with the owner of, turned over to a state which then holds it indefinitely.

Sahvelo guidance that uses this

• Finding life insurance
• Unclaimed property