Unclaimed property returned to Illinois residents [Video]

(WBBM NEWSRADIO) – Illinois State Treasurer Michael Frerichs announced Thursday that his office has returned more than $2 billion in unclaimed property on his watch.

Much of that money is in the form of unclaimed life insurance policies.

Frerichs said more than $500 million in unclaimed life insurance policies has been paid directly to beneficiaries and his office is trying to return another $300 million.

“We still have to work to make sure that people know that this money is theirs,” Frerichs said. “Someone cared about them, someone loved them enough to name them as a beneficiary, and I think it’s only the right thing to do to honor their wishes and making sure that money gets to them.

The Treasurer’s Office said, overall, the State still has another $5 billion to return.

State Senator Robert Martwick pushed for legislation that established the law that has led to the funds being returned,

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