By Oklahoma Insurance Commissioner Glen Mulready
Many families have experienced the loss of a loved one only to discover later that a life insurance policy existed tucked away in old files, forgotten about or just unknown to the beneficiaries. Life insurance provides a financial lifeline during those most difficult times, but beneficiaries can miss out on the support they need when benefits go unclaimed. The Life Insurance Policy Locator (LIPL) can help in these situations. The Oklahoma Insurance Department (OID) has helped to connect thousands of Oklahomans with millions in unclaimed life insurance policy benefits since we launched this transformative tool in 2016. I want to share more about the LIPL and how it can help you.
Before we discuss using the tool, I want to stress the importance of life insurance in your financial planning. It may seem difficult to address or discuss, but it can help your loved ones in case something unforeseen happens to you. When to purchase, what kind of policy to buy, and how much in benefits will depend on you and your situation. You will want to consider how many people rely on you financially and your financial obligations to help you answer those questions. You can find more information about life insurance shopping at oid.ok.gov/life.
So, how does the LIPL work? It’s easy, free and secure. First, visit oid.ok.gov/LIPL and click “Get Started.” Next, you will submit your request, which requires information from the deceased’s death certificate, such as the Social Security number, legal name, date of birth, date of death and the decedent’s veteran status. You will also need to indicate your relationship to the deceased. Finally, you will click the submit button and receive a confirmation email. If a policy is found and you are the beneficiary, the life insurance or annuity company will contact you directly.
The success of the LIPL speaks for itself. Since the tool’s launch in 2016, OID has helped to connect over 8,000 Oklahomans with over $161 million in unclaimed life insurance policy benefits, with almost 1,500 claiming over $32 million this year alone. The LIPL has significantly impacted the lives of many, and it can do the same for you.
Life insurance can be a lifeline to loved ones in a time of loss. However, many aren’t aware that they may be the beneficiary of a life insurance policy or an annuity. If you believe you are a beneficiary, use the free LIPL tool to find out today. If you have any questions about life insurance or need assistance with any other insurance-related questions, please call OID at 800-522-0071 or visit oid.ok.gov.
