State to audit 264,000 Kemper life policies


SPRINGFIELD, Ill. (WAND) – State auditors will examine nearly 264,000 life insurance policies held by Illinois based Kemper Companies.

State Treasurer Mike Frerichs says his office has reached an agreement with Kemper to conduct the audit.  The auditors will be looking to determine if life insurance proceeds have been paid out to beneficiaries after the policy holder died.  So far, the Treasurers office has recovered $550 million from 20 insurance companies which had not been paid to beneficiaries.

“I have never met a man or woman alive who bought a life insurance policy because they wanted to make an insurance company more profitable,” Frerichs said.  “We’re going to make sure that any policy holder who passed away and loved ones didn’t get what belongs to them, we’re going to make sure it gets to them.”

Unclaimed life insurance polices have been the subject of several WAND I-TEAM reports since 2016.  Nationally, it’s estimated unclaimed life insurance policies are worth more than $7.4 billion in death benefits.

(Pictured: State Rep. Sue Scherer, (D) Decatur, looks at an old life insurance policy payment book in 2016.)

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