The Illinois State Treasures Office works diligently to return unclaimed property to citizens of Illinois, but also recently joined unsuspecting people with funds from life insurance policies from a family member that they did not even know existed.
Illinois State Treasurer, Mike Frerichs and his office have helped return nearly $800 million to those who have lost family members with these policies, creating new state legislation that combats life insurance companies that are not returning funds and making money off the interest.
Auditors were sent to life insurance companies from the Illinois State Treasurer's Office to look into the non-allocated funds, some companies were less than open with their operations.
The conversation of a life insurance policy between the purchaser and the beneficiary may not happen before the owner passes away. Treasurer Frerichs describes the problem with the lack of knowledge of a life insurance policy.
State Treasurer Frerichs describes a scenario involving churches not receiving the funds they were entitled to.
Great sums of money have been returned to their rightful owners and the delay causes many to think what could have been if they knew about the life insurance policy, Frerichs mentions. Mike Frerichs and the Illinois State Treasures Office will continue their efforts to join people with the money that they have a right to.
For more information about life insurance policies visit the Treasures website at, idoi.illinois.gov/consumers/consumerinsurance/lifeannuities/faq-individual-life-insurance.html.
Illinois State Treasurer Mike Frerichs appeared as a guest on the WTIM Morning Show.