Sandoval works with Treasurer’s office to compensate residents with unclaimed life insurance proceeds

Senator Martin A. Sandoval (left) and State Treasurer Michael W. Frerichs review life insurance benefit return documents during a recent work meeting at the State Capitol in Springfield, IL.

CHICAGO, IL – Senator Martin A. Sandoval is proud to announce that after working with State Treasurer Michael W. Frerichs, over $800,000 in unclaimed life insurance proceeds since 2015 have been paid to residents in the 11th Senate District, which includes the South Side of Chicago and parts of West Suburban Cook, represented by Senator Sandoval.

“I am proud to have played an important role in making HB 302 law in Illinois,” said Senator Sandoval. “Almost $1 million in unclaimed life insurance policies have already been found in the 11th District alone—and with the new law taking effect next year, even more of my constituents will receive money that life insurance companies should have paid to them in their time of need.”

House Bill 302 requires life insurance companies to compare electronic records of policies in force since 2000 with the Social Security Administration’s Death Master File (DMF) to determine if policies should have been paid to grieving families.

“Thanks to Senator Sandoval for his leadership to make sure families in Illinois get the money that is owed to them,” Frerichs said. “His support of the Bill makes it clear that the people of Illinois will no longer tolerate loopholes that allow greedy life insurance companies to pad their bottom line using death benefits that should have been paid to grieving families.”

Due to the efforts of auditors hired by the Treasurer’s Office to locate unpaid life insurance proceeds, residents of the 11th Senate District received insurance proceeds that had been unclaimed since 2015. To find out if you have unclaimed property, visit www.illinoistreasurer.gov/ICASH.

House Bill 302 becomes state law effective January 1, 2018.