Many Life Beneficiaries Have No Idea Where the Policy Is: NAIC

January 31, 2020 by Allison Bell

Only 41% of life insurance beneficiaries who are Baby Boomers say they know where the life insurance policy is stored, and only 33% say they know the name of the life insurer that wrote the policy.

Beneficiaries in Generation Z are slightly more likely to say the know the name of the carrier, but Generation Z beneficiaries are much less likely to say they know where the policy is.

About 25% say they know the name of the carrier, but only 23% say they know where to find the policy.

The National Association of Insurance Commissioners (NAIC) has reported those findings in a summary of results from an online poll of about 1,000 consumers conducted earlier this month.

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Originally Posted at ThinkAdvisor on January 29, 2020 by Allison Bell.