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.
â€śMany people donâ€™t know where to begin when searching,â€ť Minnesota Commerce Commissioner Jessica Looman said in a statement. â€śThis free online tool streamlines and simplifies the process to connect people with the benefits owed to them.â€ť
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.