More than 260 Minnesotans have been matched with lost life-insurance benefits thanks to a project from the state Commerce Department and the National Association of Insurance Commissioners
The Life Insurance Policy Locator has so far directed almost $2.4 million in benefits to beneficiaries.
The online tool was unveiled in November 2016 to help connect consumers with lost life-insurance policies or annuity contracts.
âMany people donât know where to begin when searching,â Minnesota Commerce Commissioner Jessica Looman said in a statement. âThis free online tool streamlines and simplifies the process to connect people with the benefits owed to them.â
Those who believe they are beneficiaries, executors or legal representatives of someone who is deceased can submit a search request. The requests ares encrypted for confidentiality.
If there is a match, an insurance company will contact the beneficiaries. Responses may take up to 90 days.