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Life Insurance

  • Collins’ legislation ensures more families will receive life insurance benefits

    collins 110817SPRINGFIELD – Rejecting a move that would have severely weakened the standing of grieving families in the face of misbehavior by insurance companies, the Illinois Senate voted to override Gov. Bruce Rauner’s veto of legislation by Senator Jacqueline Collins Wednesday.

    The measure, House Bill 302, would further strengthen the Unclaimed Life Insurance Benefits Act by requiring insurance companies to search their records back to the year 2000 if they have electronically searchable files to determine if life insurance policyholders have died, and to take steps to get money to beneficiaries.

  • Mulroe, Frerichs urge Rauner to sign unclaimed life insurance benefits (AUDIO)

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  • New law strengthens life insurance protections for grieving families

    life insuranceCollins: “This is just one way that state government should be fighting inequality.”

    SPRINGFIELD – Grieving families who might be unaware their departed loved one left them a life insurance policy would be protected by a stronger Unclaimed Life Insurance Benefits Act under new legislation by State Sen. Jacqueline Collins and Illinois Treasurer Michael Frerichs that passed the Illinois General Assembly today.

    “As our technology and our best practices are updated and improved, we need to consider how that can also improve our accountability to the taxpayer and the consumer,” Collins said. “Dementia might rob an elder of the memory of their insurance policy, and not every grieving family has somebody on retainer to keep such affairs in order. In an age when we can computerize and automate these matters, we owe it to them to make the effort.”

  • Rauner signed Haine measure to help families claim insurance policies

    haine 021016 mrSPRINGFIELD – A measure sponsored by State Senator Bill Haine (D-Alton),  was signed into law Friday. The measure, House Bill 4633, would allow families and relatives of the deceased to receive unclaimed life insurance benefits. 

    The legislation, which is also an initiative of Illinois Treasurer Mike Frerichs, would free up $4.4 billion that has not been given out to beneficiaries. Unclaimed life insurance policies sometimes go unclaimed simply because people do not know they exist, or because people are unaware of how to claim such policies.

    “This is a great initiative and I am proud to sponsor it. When insurance companies fail to pay out the proceeds of life insurance policies, they fail to honor their responsibility to the loved ones of the deceased,” said Haine. “When people pass, their families are left in a great deal of pain. While these awards and annuities can’t alleviate that pain, they can at least help with covering unexpected end-of-life costs.”

    Life insurance companies have come under fire with accusations that they have not been diligent enough in awarding benefits to the families and relatives of deceased policyholders. The new legislation would create the Unclaimed Life Insurance Benefits Act to correct this.

    “I was happy to work with the Treasurer, insurance companies and the Illinois Department of Insurance on this measure,” Haine added. “I think this really helped us to form a good, solid piece of legislation.”

  • Senator Mulroe on Unclaimed Life Insurance

    Senator John G. Mulroe (D-Chicago) speaks at a press conference in Chicago on Tuesday about HB 4633, the Unclaimed Life Insurance Benefits Act, and the urgency to Illinois families that Governor Rauner sign it into law.

  • Unclaimed life insurance policies within families’ reach

    mulroe frerichs 071916SPRINGFIELD – Unclaimed life insurance benefits may soon be awarded to the families and relatives of the deceased parties under a new measure co-sponsored by State Senator John Mulroe (D-Chicago).

    Life insurance companies have come under fire with accusations that they have not been diligent enough in awarding benefits to the families and relatives of deceased policyholders.

    “These awards and annuities don’t bring back individuals’ loved ones,” Mulroe said, “but they can most certainly aid in covering unexpected end-of-life costs. These families at least deserve that.”