Half billion in life insurance benefits goes unpaid, Treasurer s - WSIL-TV 3 Southern Illinois

Half billion in life insurance benefits goes unpaid, Treasurer says

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CARTERVILE -- Illinois Treasurer Mike Frerichs says Illinoisians have missed out on half a billion dollars in life insurance benefits.

In a public hearing held at John A. Logan College Monday, Frerichs touted new legislation just signed by Governor Rauner that forces companies to be more proactive and check in with customers to see if policy holders have died.

"We just passed legislation that will require life insurance companies to check twice a year if their policy holders have passed away, and if they have they have to make a good faith effort to reach out to their loved ones and notify them in a timely manor," Frerichs explained.

If you believe you are owed money after the death of a loved one go to the treasurer's website

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