Protect your family's future: Missouri Department of Commerce and Insuranc…

JEFFERSON CITY, Mo. - October marks National Financial Planning Month, and the Missouri Department of Commerce and Insurance (DCI) urges all Missourians to do more than just balance their budgets. DCI emphasizes that while most plans focus on savings and investments, the right insurance coverage is essential to protecting yourself, your family and your assets from the unexpected.

Foundational to financial security, insurance policies such as life, health, home and auto are not merely expenses. They are strategic tools designed to provide stability during life's most challenging events. Life insurance, in particular, is critical for providing income replacement, paying off outstanding debts like mortgages, funding a child's education, and covering final expenses, all of which are crucial steps toward true financial peace of mind.

"Life insurance may not be something we think about every day, but it is a key part of any sound financial plan and plays a critical role in protecting the people we love most," DCI Director Angela Nelson said. "DCI is here to help Missourians make informed choices, whether that be understanding coverage needs and options, researching companies or locating a lost policy. Financial Planning Month is a great time to have these conversations and plan for the future."

The Unclaimed Crisis: $318 Million Matched in Missouri Alone

A common financial tragedy occurs when families desperately need the benefits from a life insurance policy but don't know it exists or how to claim it. Nationally, billions of dollars in life insurance and annuity benefits go unclaimed each year because beneficiaries are unaware they were named or cannot locate the necessary paperwork.

To combat this issue and help consumers reclaim these benefits, DCI collaborates with the National Association of Insurance Commissioners (NAIC) via the Life Insurance Policy Locator (LIPL).

Since its launch in December 2016, the LIPL tool has successfully matched Missourians with nearly $318 million in life insurance policies, restoring immense financial security to families across the state.

"Too often, families are unaware that they're entitled to life insurance benefits their loved ones intended for them," Director Nelson said. "Helping Missourians reclaim these funds is a vital part of what we do, and every dollar recovered is a reminder of the protection, comfort and stability life insurance is meant to provide."

How to Use the Life Insurance Policy Locator

The LIPL tool is free, confidential, and easy to use for anyone who believes they may be a beneficiary of a deceased family member or loved one:

• Visit the Life Insurance Policy Locator online.
• Enter key information from the deceased's death certificate, including their Social Security number, legal name, date of birth, date of death and veteran status. You will also need to indicate your relationship to the deceased.
• Submit the request and receive a confirmation email.
• If a policy is successfully located and you are the named beneficiary, the life insurance or annuity company will contact you directly to guide you through the claims process. If no policy is found or you are not the beneficiary, you will not receive further contact.

DCI encourages Missourians to take time this month to review all types of insurance coverage - including life, health, home and auto - to ensure their policies are current and align with their overall financial goals. It's also important to keep your beneficiary information up to date and make sure loved ones know what steps to take in the event of your passing.

Insurance experts are on call to help answer any questions via DCI's Consumer Hotline at 800-726-7390. Consumers can also visit insurance.mo.gov for more information and resources.

DCI is charged with protecting Missouri consumers through oversight of the insurance industry, banks, credit unions, utilities and various professional licensees operating in the state. For more information about the department, please visit our website at dci.mo.gov .