SPRINGFIELD, Ill. – State Rep. Thaddeus Jones, D-Calumet City, is urging Gov. Rauner to sign legislation that requires insurance companies to review their records and to pay beneficiaries any funds owed to them.
“Life insurance can be a difficult and uncomfortable topic for many to discuss, but it’s important we take steps to ensure every individual receives what is owed,” Jones said. “This measure requires that insurance companies take simple steps to help connect families with the funds their loved one wanted them to have.”
Jones sponsored House Bill 302, which requires life insurance companies to compare the Social Security numbers of their policy holders dating back to 1996 to Social Security death records. Jones’ measure builds off a new law signed last year requiring insurance companies to inspect Social Security death records for newly signed policies going forward.
Jones’ legislation requires companies to look back through their records. Life insurance companies would be required to ensure the beneficiaries of these policies receive any funds owed to them. 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 keep policies from going unpaid. Jones is encouraging residents to call Gov. Rauner’s office at 217-782-0244 and demand he sign House Bill 302 into law once it reaches his desk.
“This commonsense bill could be the difference for a family struggling following the unexpected death of a family member,” Jones said. “I urge the governor to quickly sign it into law once it reaches his desk and I encourage residents to call the governor express your support for this measure.”