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* Press release…
State Senator Mary Edly-Allen, alongside Illinois State Treasurer Michael Frerichs, announced at a press conference Thursday that a resident in the 31st Senate District will receive $500,000 from a life insurance policy through the I-CASH program.
“My constituent was shocked when he learned that his wife had taken out a life insurance policy that added up to such a life-changing amount of money,” said Edly-Allen (D-Libertyville). “However, far too often constituents are hesitant to believe my office when we call them about unclaimed property due to fear of fraud. It often takes my staff several contacts to gain trust.”
The State Treasurer’s Office reached the I-CASH program’s $2 billion mark in May by returning over $500,000 to a Lake County veteran whose late wife, also a veteran, had taken out a life insurance policy through a former employer, unbeknownst to the husband.
“I have never stopped fighting to return money to people that rightfully belongs to them,” said Treasurer Frerichs.
The unclaimed money was returned to the military veteran through the State Treasurer’s Office ongoing outreach efforts. Both Sen. Edly-Allen’s staff and the state treasurer’s staff worked after hours to ensure that the veteran received his wife’s death benefit.
“Imagine receiving a phone call that a deceased loved one had left you a life insurance policy that you were unaware of – many would not believe the caller. That is why I encourage residents to do their own research on the I-CASH website and initiate their own claim or to call their state legislator’s office to validate the claim.” said Edly-Allen. “My office is proud to partner with Treasurer Frerichs and his staff on I-CASH claims to provide not only my constituents but all Illinoisans a way to claim what is rightfully theirs.”
The money from the policy was returned as a direct result of the 2017 legislation that established the Life Insurance Reform Act. Previously, some life insurance companies did not pay death benefits when they knew, or should have known, a customer died. Audits from more than a decade ago from the State Treasurer’s Office found more than $550 million in death benefits that were not paid to grieving families in Illinois.
Edly-Allen and Treasurer Frerichs urge Illinoisans to check the I-CASH site twice a year to see if there is money waiting for you.
posted by Rich Miller
Thursday, Jun 13, 24 @ 11:17 am
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I could see my wife forgetting to tell me about something like this.
In all seriousness good on everyone involved, including everyone that voted in favor of the Life Insurance Reform Act.
Comment by Excitable Boy Thursday, Jun 13, 24 @ 11:28 am
This is a great program. I found two items under my name, both refunds from my insurance company. What I don’t understand is, how can my insurance company not find me when it’s time to send the refund, but always finds me when it’s time to pay the premium. I mean, how hard are they trying?
Comment by 47th Ward Thursday, Jun 13, 24 @ 11:43 am
I’ve got the same issue, 47th Ward. I check the I-CASH site occasionally and have found a couple of small checks from my insurance company that I have been with for over 30 years. I don’t think they are checking very hard.
It is a great program. Something that works.
Comment by Rachel Thursday, Jun 13, 24 @ 12:15 pm
I found out that I was entitled to about $50 bucks from a deceased relative. Tried to collect but there were so many hoops to jump through it just wasn’t worth it.
Comment by Stones Thursday, Jun 13, 24 @ 12:43 pm
Wow, what a fun lunch hour I’ve had. While I didn’t find anything on the Illinois site, the post reminded me that we might have unfinished business in Indiana. (Interestingly, the IN unclaimed property operation is run by the attorney general.) Sure enough, I found two unclaimed properties that look to be life ins payouts that the hubby would qualify for as beneficiary. An additional donation to LSSI may be in order for the timely reminder(bp).
Comment by yinn Thursday, Jun 13, 24 @ 1:04 pm
“I could see my wife forgetting to tell me about something like this.”
I could see myself not listening when my wife tells me about something like this.
– MrJM
Comment by @misterjayem Thursday, Jun 13, 24 @ 2:32 pm
Years ago we found a couple of things.
Recently, the office contacted us about a life insurance policy. The amount is nothing like the one in the story. Don’t really understand why the insurance company didn’t contact us directly instead of turning it over to the State; we weren’t exactly in hiding. So far we’ve had to submit additional paperwork beyond the original claim form, but it’s currently pending final approval before the check gets cut.
Comment by RNUG Thursday, Jun 13, 24 @ 3:54 pm