HARRISBURG, PA — As September marks Life Insurance Awareness Month, the Pennsylvania Insurance Department (PID) has highlighted a significant achievement. The National Association of Insurance Commissioners’ (NAIC) Life Insurance Policy Locator has successfully recovered nearly $72 million in benefits for Pennsylvanians. This accomplishment stems from almost 3,000 life and annuity insurance policies since the beginning of the year.
Pennsylvania Insurance Commissioner Michael Humphreys emphasized the importance of this tool. “The Shapiro Administration understands how the loss of a loved one can personally and financially affect a family. We want consumers to know that PID is here to help during this tough time by working with them to ensure they obtain the benefits they are owed,” he stated. This initiative aligns with Pennsylvania law, which mandates all life insurance providers in the state to participate in the service.
The locator tool simplifies the search process for beneficiaries. When a request is made, participating life insurance companies review their records to identify any existing policy or annuity contract in the deceased’s name. Upon locating a policy, they contact the requester, provided they are a named beneficiary. This system eases the burden on families during difficult times by facilitating access to financial resources.
Life insurance plays a crucial role in safeguarding the financial stability of families, covering costs such as funeral expenses. The PID urges residents to consider their financial needs and how life insurance can offer security. The department’s Consumer Services Bureau is available to assist with accessing the NAIC’s tool and to answer any related inquiries.
As awareness of life insurance’s benefits grows, the PID remains committed to assisting Pennsylvanians in securing their financial futures. The success of the Life Insurance Policy Locator underscores the department’s dedication to consumer support and financial protection. For further assistance, residents can reach out to the Consumer Services Bureau or explore PID’s resources online.
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