Illinois Treasurer Mike Frerichs' office is holding a series of hearings statewide on life insurance companies that don't pay out death benefits. The hearings are meant to educate families about the problem, according to Frerichs.
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In Illinois, the state treasurer is tasked with safeguarding unclaimed property, such as life insurance benefits, forgotten bank accounts, and unclaimed rebate checks from retailers. Illinois holds approximately $2 billion in unclaimed property.