The New Hampshire Insurance Department in the US has created a lost life policy locator service to assist residents and their families in locating life policies and annuity contracts that have been purchased in the state.
The Insurance Department is working with 312 licensed life insurance companies to make the search seamless for New Hampshire residents. The Department’s website features a request form, which residents may download and fill out: http://www.nh.gov/insurance/lah/lost-life-policy-locator.htm
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The form contains detailed instructions on what information to include and how to return it to the Insurance Department.
New Hampshire Insurance commissioner Roger Sevigny said: "We know that during this difficult time, tracking down a policy is often the last thing someone wants to think about. The New Hampshire Insurance Department can help."
In the UK, online life insurer Beagle Street sought to tackle the problem of lost life insurance policies by commissioning top illustrators to turn its policy documents into works of art.
The art – which can technically be worth up to £750,000 – is intended to be hung on a wall or given to a loved one to hang on theirs so they can easily find the policy if they need to.
In December 2014, Life Insurance International (LII) reported that Beagle Street offered the service after research revealed there are currently unclaimed assets worth £15bn ($23.4bn) in Britain – with a significant proportion lying dormant in lost life insurance accounts.
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By GlobalData
