PM 07-02-08-d

Disregard a prepaid burial contract funded by a life insurance policy that has been irrevocably assigned to a third party. A life insurance policy irrevocably assigned to a third party no longer belongs to the Revised textperson.

Example: The person owns a prepaid burial fund with the ABC Funeral Home. The person purchased a $7,000 insurance policy from the ABC Funeral Home which was acting as an agent for the XYZ Insurance Company. The Statement of Goods and Services includes Revised texta detailed list of goods and services to be received at the time of person's death, totaling $7,000. The $7,000 XYZ Insurance policy includes an Assignment of Ownership signed by the person, stating that ownership of the insurance policy has been irrevocably assigned to the XYZ Trust. The Assignment is also recognized and signed by the ABC Funeral Home representative, acting as an agent of the XYZ Insurance Company.

Ownership of the XYZ Insurance policy that funds the person's prepaid burial contract has been irrevocably assigned. The assignment is recognized by the XYZ Insurance Company. Disregard the insurance policy and prepaid burial fund as property that no longer belongs to the person. There is no countable Revised textresource to apply to the person's resource limit.

new arrowTo name the State as remainder beneficiary, the designated beneficiary is (and, when appropriate, a check is to be sent payable to) Treasurer, State of Illinois, HFS. The current address is:

HFS Division of Finance

Bureau of Collections/Technical Recovery Section

401 S. Clinton Avenue, 5th Floor

Chicago, Illinois 60607-3800

OR

HFS Division of Finance

Bureau of Collections/Technical Recovery Section

2200 Churchill Drive, Bldg. A

Springfield, IL 62702-3406