Online life insurance database to reconnect beneficiaries to lost policies

The Maryland Insurance Administration and the National Association of Insurance Commissioners announced Wednesday an online database that allows people to find lost life insurance policies and annuities.

According to Consumer Reports, approximately $1 billion in life insurance benefits are unclaimed. The database helps people locate the policies and annuities of the deceased, potentially giving them the opportunity to claim benefits.

"There are many people who do not know where to begin when searching for a lost life insurance policy or annuity," Maryland Insurance Commissioner Al Redmer, Jr. Said, "The life insurance policy locator streamlines and simplifies the process for consumers and insurance companies."

Consumer requests in the database are encrypted and secured, officials said, ensuring confidentiality. They say insurers will compare user-submitted requests with policyholder information and report matches to state insurance departments. From there, the companies will then be able to contact beneficiaries.

Officials say life insurers paid out more than $74 billion in policy benefits nationwide in 2015. Insurance regulators have investigated unclaimed life insurance benefits since 2010, returning more than $6.75 billion to U.S. consumers, officials report.

More information on the Maryland Insurance Administration can be found at the agency's website.