SPRINGFIELD, Ill. – State Rep. Thaddeus Jones, D-Calumet City, recently voted to override Gov. Bruce Rauner’s veto of a measure that would streamline the process of dispersing life insurance payments after the death of a loved one to the rightful beneficiaries.
“Losing a loved one is a painful and difficult process and often times, the emotional pain is coupled with a financial burden,” said Jones. “Insurance companies should not salt the wounds of grieving loved ones by forcing them through unnecessary hoops to receive the payments they are entitled to.”
Jones 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 Jones’ supported legislation was overridden in the House and now awaits a vote in the Senate before it can go into law.
“The last thing those dealing with the loss of a family member should have to deal with is needless bureaucratic stress,” Jones said. “It is important that we put the financial security of families above the profits of large corporations.”