SPRINGFIELD, Ill. – State Rep. Camille Lilly, D-Chicago, is urging Gov. Rauner to sign legislation that requires insurance companies to review records and pay beneficiaries the amount they are owed.
“Life insurance policies are put in place to protect loved ones who are left behind after someone passes away,” Lilly said. “This legislation requires insurance companies to ensure that beneficiaries and loved ones receive the money that they are rightfully owed.”
Lilly’s House Bill 302 requires companies to ensure the beneficiaries of any policies receive any funds owed to them. The Illinois Treasurer’s office has identified $550 million in unpaid death benefits in Illinois since 2011. This legislation would require insurance companies to request updated contact information for policy holders to keep policies from going unpaid. Lilly is encouraging residents to call Gov. Rauner’s office at 217-782-0244 and urge him to sign House Bill 302 into law once it reaches his desk.