By Dave Dahl

CHICAGO – In the almost ten years since Mike Frerichs has been treasurer, his office has returned $2 billion to citizens and organizations through its unclaimed property program, I-Cash.

Frerichs says much credit goes to legislation sponsored by Sen. Rob Martwick (D-Chicago).

“(Frerichs) told me about having so many life insurance policies returned to the state of Illinois as unclaimed,” said Martwick, appearing with the treasurer at a Chicago news conference, saying Frerichs explained, “The law allows it. The law permits life insurance companies, even with constructive knowledge that the policyholder has passed, and the beneficiaries exist, to not pay out.”

Martwick got that changed.

Frerichs’ office says a recent highlight, pushing his tote board past the $2 billion milestone, is the story of a widowed veteran who recently – with the help of his state senator, Mary Edly-Allen (D-Libertyville) – connected with $500,000 from a life insurance policy he didn’t know existed. His wife had taken out the policy.

You can see if you have anything coming to you at icash.illinoistreasurer.gov

Dave Dahl can be reached at [email protected]