Illinois Treasurer Michael Frerichs said some life insurance companies are not paying out benefits to beneficiaries. This comes as Gov. Bruce Rauner takes steps to fix the issue. Frerichs is holding a series of hearings across Illinois to inform people of what he calls the despicable practice of a life insurance company purposely withholding life insurance payouts when a policy-holder dies.
Rauner signed a bill last week that compels companies to reference a federal list of the deceased to ensure nothing is being held back. William McNary with Citizen Action Illinois said withholding the policies isn't just about money to a beneficiary who has lost someone.
Click here for McNary's comments
The Illinois Department of Insurance also has launched the Lost Life Policy Locator Service website to help Illinoisans find policies they may be owed.