Task Force on Unclaimed Life Insurance Policies

Springfield ─ For many Americans who’ve lost family members, the bereavement process has profound effects on their lives. As a Senator of the 16th District, I have endured personal lost and know the challenges my constituents face in times of mourning.  Losing a friend or family member is devastating and the complications that derive from the lost are multifaceted.

Financial turmoil is the last thing mourning relatives need to focus on. Insurance companies utilize discretion when disclosing information about unclaimed life insurance policies. In turn, the family of the deceased is often uninformed regarding the financial coverage of their loved one.

These practices fuel a troublesome burden for many families unable to fully cover the funeral arrangements and medical bills. Treasurer Frerichs has created a task force to investigate unclaimed life insurance policies. I am proud to be on that task force. The findings of this task force has shed light on the difficulties countless people encounter while attempting to uncover the existence of unclaimed insurance policies. There are also relatives that paid funeral costs out of pocket and are unaware of pre-existing life insurance policies.

Unclaimed insurance has the ability to reduce or prevent debt, after someone passes away. Life insurance policies are crucial for relatives of the deceased. It is my hope that the exertions of this task force will create legislature which alleviate the fiscal uncertainty of those able to receive unclaimed life insurance.