Illinois treasurer seeks payout of unclaimed life insurance

SHARE Illinois treasurer seeks payout of unclaimed life insurance

State Treasurer Michael Frerichs backs a bill

PEORIA — A measure backed by Illinois’ treasurer could help ensure that insurance companies have paid out money properly to beneficiaries of life insurance policies.

The proposed legislation would require companies to examine the past 20 years of their records to ensure that money was distributed properly, the (Peoria) Journal Star reported.

State Treasurer Michael Frerichs said the measure is important for individuals who don’t know they have funds owed to them.

“We think there are tens if not hundreds of millions of dollars more that should be paid out to the loved ones, the heirs or beneficiaries, of Illinois life insurance holders,” Frerichs said.

Frerichs’ office has been working with about 20 of the largest companies that sell such policies in Illinois. So far, there has been about $500 million found in unpaid life insurance benefits.

Not all such companies cooperated with the efforts of the treasurer’s office. Some of the insurance businesses weren’t responsive, and others told the office they didn’t want to participate.

Peoria County Board Chairman Andrew Rand said the proposed legislation is common sense.

“It seems so self-evident that the one event that the policy protects and covers, the death, would be the one responsibility the insurer would have,” he said. “Death is a certainty, and that’s why the life insurance policy was created.”

The proposed legislation is also backed by the NAACP, AARP, the activist group Citizen Action and the Illinois Funeral Directors Association.

The Latest
Judge Aileen Cannon’s decision, two days after the assassination attempt on Donald Trump, ignores more than two decades during which the special counsel law has been upheld by other judges and used by both Democratic and Republican administrations.
There is no doubt political violence is a horrific stain on American democracy and assassination an abomination. But when you’ve covered politics on and off as long as I have, and you think you’ve seen or heard it all … you haven’t.
Nothing fazed Crochet as one reporter after another from around baseball asked about the very real possibility he’ll be concluding his breakout season somewhere else after the July 30 trade deadline.
With Bulls exec Arturas Karnisovas still looking to move LaVine, an NBA source said the team could be headed for locker-room headaches. DeMar DeRozan served as a buffer between LaVine and coach Billy Donovan, but he’s with the Kings now.
Quarterback Caleb Williams, the first overall pick, and receiver Rome Odunze, the ninth selection, are among the few NFL rookies yet to ink their deals. They are the two highest selections among the five unsigned first-rounders left.