Over $6 Million Recovered through the Michigan Life Insurance and Annuity Search Service (LIAS)
(LANSING) Today, the Michigan Department of Insurance and Financial Services (DIFS) announced that it has helped consumers recover over $6.3 million in lost or missing death benefits since launching its free Life Insurance Annuity Search Service (LIAS) in 2016.
LIAS was created to help beneficiaries, executors, legal representatives, or members of a deceased person’s family find a life insurance policy or annuity contract of a deceased loved one.
In addition to the $6.3 million in recoveries, DIFS also reports that during the last two years over 2,000 requests have been submitted to insurance companies participating in LIAS. The program has helped match over 1,400 policies.
“We are pleased that this tool is helping so many beneficiaries claim life insurance policies,” said DIFS Director Patrick McPharlin. “Often a life insurance policy is purchased early in a person’s lifetime and beneficiaries may not know whether a loved-one had a policy. This service provides an easy way to search for those policies and helps to eliminate multiple searches by consumers.”
More about LIAS
On a monthly basis, DIFS forwards requests received through LIAS to over 370 licensed life insurance and annuity companies. The insurance companies search their records to determine whether they have any life insurance or annuity policies in the name of the deceased. The insurance companies respond directly to the named beneficiary if a policy match is found. Contact will not be made with anyone who is not a beneficiary or legally authorized to receive information regarding the policy.
The mission of DIFS is to promote economic growth while ensuring that the insurance and financial services industries are safe, sound and entitled to public confidence. DIFS provides consumer protection, outreach and education services to Michigan citizens. It strives to create and maintain active relationships with both consumers and licensees in the insurance and financial services industries to ensure adequate protections while fostering growth, strength and sustainability.