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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.”

Sen. William R. Haine

haine 150

Assistant Majority Leader
56th District

Years served:
2002 - 2018

Committee assignments: Criminal Law; Insurance (Vice-Chairperson); Judiciary; Licensed Activities and Pensions; Veterans Affairs.

Biography: Born 8 August 1944, in Alton, Illinois. United States Army Veteran; one tour of duty, Vietnam (1967-69); Bachelors Degree, St. Louis University (1967); Juris Doctorate, St. Louis University School of Law (1974). Member, Madison County Board (1978, 1982-86); Metro-East Transit District Board of Trustees (1981-88); Madison County State's Attorney (1988-2002). Wife, Anna, 7 children, 31 grandchildren.