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Bloomberg is reporting that this past week, Illinois Democrat Debbie Halvorson urged Congress to step in and regulate how life insurance companies handle the policies of soldiers lost in war.
As it currently stands, companies are not required to inform the families of the deceased exactly how funds are invested. Benefits they are entitled to are also often kept undisclosed.
On July 30, Halvorson introduced new legislation that would force life insurance companies to disclose to families how soldier benefits are going to be invested after the insured dies, according to Bloomberg. Currently, companies invest the leftover lump sum for beneficiaries without informing the survivors.
“Hearing about this, I was just outraged,” Halvorson said in a telephone interview yesterday to Bloomberg. “It’s corporate greed.”
Halvorson’s overall goal is to educate survivors on their life insurance benefits during a stressful time.
Life insurance policies are taken out to cover unexpected expenses after a loved one has passed away. Companies are supposed to aid survivors with the information they need on how to handle outstanding taxes, investments and property, making disclosure a crucial part of the process.
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