Illinois treasurer seeks payout of unclaimed life insurance - WSIL-TV 3 Southern Illinois

Illinois treasurer seeks payout of unclaimed life insurance

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PEORIA, Ill. (AP) - A measure backed by the Illinois treasurer could help ensure that insurance companies have paid out money properly to beneficiaries of life insurance policies.

The (Peoria) Journal Star (http://bit.ly/2j3XNo6 ) reports the proposed legislation would require companies to examine the past 20 years of their records to ensure that money was distributed properly.

State Treasurer Michael Frerichs says the measure is important for individuals who don't know they have funds owed to them.

Frerichs' office has been working with about 20 of the largest companies that sell such policies in Illinois.

So far there has been about $500 million found in unpaid life insurance benefits.

Information from: Journal Star, http://pjstar.com

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