Oklahomans can use a new tool from the Oklahoma Insurance Department (OID) to find insurance money they may be owed using the Lost Life Policy Locator Service.
Thewill help Oklahomans find a life insurance policy or annuity contract left by a deceased loved one. Oklahoma Insurance Commissioner John D. Doak asked his staff to find a way to help Oklahomans get money they are owed and bridge the gap between insurance companies and Oklahomans who think they may be listed as a beneficiary.
“Many times finding life insurance policies can be difficult and time consuming after a loved one’s death,” said Doak. “But with this new service, consumers can request help from the Oklahoma Insurance Department to simplify the process of locating lost life insurance policies.”
After the necessary information is submitted, OID will contact all state-licensed life insurance companies asking them to search their records for any life insurance policies or annuity contracts insuring the decedent. If a policy is found, that insurance company will contact the beneficiary to complete the claim.
Two legislative proposals on this topic have been introduced this session in an effort to protect consumers’ ability to collect lost policies. Doak is working with legislators to find a solution that best meets the needs of beneficiaries within the confines of the law.
“Commissioner Doak has taken an important step to help Oklahoma citizens claim the life insurance benefits they may be owed,” said Rep. Glen Mulready, author of SB 298. “I applaud this effort and I look forward to partnering with him and his team on this issue going forward.”
“I’m delighted that the citizens of Oklahoma will now have a process to inquire about family policies that may have been forgotten over the years,” said Sen. Gary Stanislawski, Senate author of HB 2066.
“I applaud Commissioner Doak for implementing a lost policy finder process as an effort to offer protection to consumers. It coincides perfectly with my legislation that will make the consumer whole by requiring the companies to seek out lost or unpaid policies on a go forward basis,” said Sen. Marty Quinn, author of SB 298.
To learn more about this new service, visit theon our website or contact the Oklahoma Insurance Department at 1-800-522-0071.