A service that matches beneficiaries with lost or misplaced life insurance policies has netted a total of $5.6 million for 375 Coloradans since launching in November 2016.
The Life Insurance Policy Locator was developed by the National Association of Insurance Commissioners after regulators nationwide realized that lost polices were a growing problem.
The Colorado Division of Insurance receives several calls a week from people who have questions about life insurance policies, said Jason Lapham, lead analyst with the health and life insurance section of the Consumer Services team in the division.
â€śIf you know, or even suspect, that thereâ€™s a policy out there that was your parentâ€™s, grandparentâ€™s or someone else close to the family, I encourage you to log in and submit a request,â€ť Lapham added.
Nationally, the locator service returned $92.5 million in insurance policies and annuities in its first year.