Widowed Lake County veteran to receive $500,000 from life insurance policy through I-Cash program

CHICAGO – State Sen. Mary Edly-Allen, alongside Illinois State Treasurer Michael Frerichs, recently announced 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 more than $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,” Frerichs said.

The unclaimed money was returned to the military veteran through the State Treasurer’s Office ongoing outreach efforts. Both 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.” Edly-Allen said. “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 Frerichs urge Illinoisans to check the I-CASH site twice a year to see if there is money waiting for you.