HB 302 Forces Insurance Companies to Make Good on Promise Dating Back to 1996
SPRINGFIELD — New legislation would compel life insurance companies to review their records going back to 1996 and confirm death benefits have been paid to life insurance customers who died, Illinois State Treasurer Michael Frerichs said today. The proposal represents the next logical step to bring commonsense change to the life insurance industry because some companies acknowledge not paying death benefits when they knew or should have known a customer died. The unpaid benefits are baked into the profit plans , some insurers acknowledge. “Some companies will tell you that…