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Illinois treasurer investigating withheld life insurance payouts

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Illinois treasurer investigating withheld life insurance payouts

Illinois’ Treasurer is launching has scheduled public hearings to explore how life insurance companies avoid paying death benefits. The office of state treasurer Michael Frerichs says it has identified more than $550 million in unpaid death benefits owed to families in Illinois. Three life insurance companies are currently suing Frerichs in an attempt to block […]

Illinois treasurer investigating withheld life insurance payouts

Illinois’ Treasurer is launching has scheduled public hearings to explore how life insurance companies avoid paying death benefits.

The office of state treasurer Michael Frerichs says it has identified more than $550 million in unpaid death benefits owed to families in Illinois. Three life insurance companies are currently suing Frerichs in an attempt to block an audit that would show if they are holding onto insurance benefits of deceased policyholders.

The first hearing is set for Wednesday morning.

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