Local News

Illinois' finances are in trouble with the budget impasse, but one bill that has made it's way to the governor's desk would work to get money back into the pockets of Illinois residents who have lost a loved one. House Bill 302 would mandate that life insurance companies pay out any life insurance policies that haven't yet been paid.

 

Illinois Treasurer Mike Frerichs has been a strong proponent of HB 302, and is urging the governor to sign the measure, saying the bill would have life insurance agencies keep the promises they made to their policy holders.

 

 

The measure has seen a lot of backlash from the insurance industry. Frerichs says insurance companies will say they do pay out death benefits, but when they do, it's often long after the policy holder has passed.

 

 

Illinois Treasurer Mike Frerichs appeared as a guest on the Newstalk WTIM Morning Show.

 
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