Illinois official gives life insurance warning in Metro East - KMOV.com

Illinois official gives life insurance warning in Metro East

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Illinois State Treasurer, Michael Frerichs, gave a warning in the Metro East about life insurance companies that are not paying out death claims (Credit: KMOV). Illinois State Treasurer, Michael Frerichs, gave a warning in the Metro East about life insurance companies that are not paying out death claims (Credit: KMOV).

(KMOV.com) – An Illinois state official gave a warning in the Metro East about life insurance companies that are not paying out death claims.

Michael Frerichs, Illinois State Treasurer, visited the Metro East to discuss new legislation aimed at stopping the problem.

Frerichs says it happens when family members do not know a policy has been issued. The measure would require insurers to check the federal master death file to determine if a policy holder had died.

“People write their premium papers. They write premium checks to insurance companies not because they love insurance companies, not because they want to make insurance executives richer. It’s because they love someone in their life. They want to take care of someone later in life," said Frerichs.

The legislation has passed both chambers and is on the way to Illinois Governor Bruce Rauner’s desk.

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