Lilly Overrides Governor’s Veto to Hold Life Insurance Companies Accountable

SPRINGFIELD, Ill. – To help guarantee family members receive their loved one’s life insurance benefits, state Rep. Camille Lilly, D-Chicago, voted to override Gov. Bruce Rauner’s veto of a measure requiring life insurance companies to pay any benefits owed to survivors.

“By vetoing this bill, the governor is demonstrating that he is more concerned about the profits of multimillion dollar corporations than the livelihood of hard-working families,” Lilly said. “People pay these insurance companies to ensure that loved ones are financially secure when they pass, and we have the responsibility to guarantee that the benefits owed are being given to the families.”

Lilly is a sponsor of House Bill 302, which requires life insurance companies to pay beneficiaries benefits owed to them by comparing the Social Security numbers of their policyholders dating back to 1996 to Social Security death records. The Illinois Treasurer’s office has identified $550 million in unpaid death benefits in Illinois since 2011. Lilly’s legislation will put beneficiaries before the profits of insurance companies.

“Currently, there are many unclaimed life insurance policies in Illinois,” Lilly said. “By requiring insurers to inspect their records and inform beneficiaries, insurance companies will be prevented from profiting off of people who are unaware of their benefits. I am committed to protecting the consumer, not the company.”

Lilly represents the 78th District, which includes parts of Chicago, Oak Park, Elmwood Park, River Grove, Franklin Park, and Melrose Park.