NBC News
updated 3/21/2013 5:40:09 PM ET 2013-03-21T21:40:09

ACLI ON UNCLAIMED LIFE INSURANCE BENEFITS

                   Life insurers adhere to the letter and spirit of all laws and regulations pertaining to unclaimed life insurance benefits.  For more than 200 years, life insurers have been committed to keeping their promises to consumers who look to the industry for their financial and retirement security needs.  In 2011, life insurance companies validated this commitment by paying $62 billion in life insurance benefits.

            While the amount of unclaimed life insurance benefits at issue represents a very small percentage of total claims paid, we know the percentages represent real people. Many companies are taking proactive measures to locate missing policy holders and the industry is working with regulators and lawmakers on ways to help ensure all beneficiaries get the benefits they are due. ACLI also supports state lost policy locator programs. These programs help consumers search for deceased family members’ life insurance policies.

            Life insurance companies are in the business of helping beneficiaries cope with the loss of a loved one and helping their clients achieve financial and retirement security. Companies take their responsibilities seriously and have every legal, ethical and business incentive to honor their contracts with policyholders.

                                                           

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The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with more than 300 legal reserve life insurer and fraternal benefit society member companies operating in the United States. ACLI members represent more than 90 percent of the assets and premiums of the life insurance and annuity industry. In addition to life insurance and annuities, ACLI member companies offer pensions, 401(k) and other retirement plans, long-term care and disability income insurance, and reinsurance. ACLI's public Web site can be accessed at www.acli.com.

American Council of Life Insurers 101 Constitution Ave, NW, Suite 700, Washington, DC 20001-2133

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