(215 ILCS 5/298.1)
(from Ch. 73, par. 910.1)
(Section scheduled to be repealed on January 1, 2027)
(a) The owner of a benefit contract shall
have the right at all times to change the beneficiary or beneficiaries in
accordance with the laws or rules of the society unless the owner waives
this right by specifically requesting in writing that the beneficiary
designation be irrevocable. A society may, through its laws or rules, limit
the scope of beneficiary designations and shall provide that no revocable
beneficiary shall have or obtain any vested interest in the proceeds of any
certificate until the certificate has become due and payable in conformity
with the provisions of the benefit contract.
(b) A society may make provision for the payment of funeral benefits to
the extent of such portion of any payment under a certificate as might
reasonably appear to be due to any person equitably entitled thereto by
reason of having incurred expense occasioned by the burial of the member,
provided the portion so paid shall not exceed the sum of $2000.
(c) If, at the death of any person insured under a benefit contract,
there is no lawful beneficiary to whom the proceeds shall be payable, the
amount of such benefit, except to the extent that funeral benefits may be
paid as hereinbefore provided, shall be payable to the personal
representative of the deceased insured, provided that if the owner of the
certificate is other than the insured, such proceeds shall be payable to such owner.
(Source: P.A. 84-303