Mississippi’s insurance commissioner is encouraging the public to use an online tool to help people save money on life insurance policies.
According to Commissioner Mike Chaney, more than 1,600 Mississippians used the National Association of Insurance Commissioners’ life insurance policy locator tool to find over $46 million in lost policy benefits in 2023.
The locator is free and it has helped more than 4,400 Mississippi consumers claim in excess of $99 million in benefits since its inception in November 2016, Chaney noted.
“The policy locator requests are free and confidential,” Chaney said. “Any matches found are reported to insurance companies and the companies then contact beneficiaries. The locator helps us to meet our goal of protecting consumers.”
Life insurance policies are designed to pay money to the “named beneficiaries” when one dies. The beneficiaries can be one or more individuals or even an organization.
In most cases, policies are purchased by the person whose life is insured, but life insurance policies can be taken out by spouses or anyone who can prove they have an insurable interest in the person.
There are many different types of life insurance policies. Residents are urged to talk to an insurance agent about their options.
In the meantime, those looking to find a lost policy can click here.
