SPRINGFIELD – State Rep. Silvana Tabares, D-Chicago, recently voted to enact new protections that will require greedy insurance companies to pay all life insurance benefits owed to Illinois families. While Gov. Bruce Rauner sided with billion dollar insurance companies and tried to veto the legislation, Tabares’ vote to override the governor’s veto will put Illinois families ahead of insurance companies’ profits.
“When families lose a loved one, the last thing on their minds is usually life insurance,” Tabares said. “Insurance companies have an obligation to ensure that the policies they possess are paid out to the deserving beneficiaries.”
Tabares sponsored House Bill 302, which requires insurance companies to review their records dating back to 2000 and compare them with the Social Security Administration’s Death Master File to determine if there are any outstanding balances owed to beneficiaries. According to the Illinois treasurer’s office, independent auditing showed that life insurance companies were holding more than $550 million in payments owed to Illinois families. The Tabares-supported legislation was overridden by bipartisan majorities in both the House and the Senate, making the measure law despite the governor’s veto.
“It’s appalling that Governor Rauner thinks it’s fine for insurance companies to scam people who have played by the rules their entire lives by pocketing our money and never paying the benefits as promised, but the governor’s special interest agenda won’t be the law of our state,” Tabares said. “By overriding this veto, the Legislature sent a clear message to the governor: our responsibility is to the hardworking families of Illinois, not billionaires, insiders and greedy insurance companies.”