Moylan Supporting Legislation to Protect Life Insurance Recipients

DES PLAINES, Ill. – To help residents of deceased loved ones receive the life insurance they are entitled too, state Rep. Marty Moylan, D-Des Plaines, is backing legislation requiring life insurance companies to review their records and pay beneficiaries any funds owed to them.

“Life insurance is an uncomfortable conversation for many to have and as a result families may not be aware their loved one had a policy,” Moylan said. “This common-sense legislation will help ensure all beneficiaries receive what is rightfully theirs.”

House Bill 302 requires life insurance companies to compare the social security numbers of their policy holders dating back to 1996 to social security death records. House Bill 302 builds off a new law signed last year requiring insurance companies to inspect social security death records. The Illinois Treasurer’s office has identified $550 million in unpaid death benefits in Illinois since 2011. This legislation would also require insurance companies to request updated contact information for policy holders to prevent unpaid policies

“I encourage residents to discuss with their loved ones the life insurance policies they own and to update the contact information of older policies,” Moylan said. “Taking the time to review your life insurance policies can prevent unnecessary pain for your loved ones in the future.”

For more information, please contact Moylan’s full-time constituent service office at 847-635-6821 or email staterepmoylan@gmail.com.