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Guest
Guest
Not sure if this is state specific, so I'll only speak on my state....
If John has a life policy from XYZ Insurance and they go insolvent the State Guarantee Association will help to recoup some of the funds.
If John had a CV in his policy the SGA will cover up to $100K of the CV. If he died and the insurer went insolvent then his beneficiaries are covered up to $250K for the death benefit. Anything over the $100K/$250K is a loss to the insured/beneficiaries.
If he had a term policy and the insurer goes insolvent and he can't health qualify for a new policy then I think he is SOL. But I'm not 100% sure about that one.
Maybe another forum member can help us with that one.
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Interesting read....
Bestselling book's financial promises don't add up - CBS News
I especially like the part about the author's email exchange with Yellen.
"Yellen also threatened legal repercussions if I pressed forward with my story. "I absolutely will not tolerate defamation and vigorously pursue those who misquote me," she wrote, noting that she had discussed the matter with her attorney."
She seems a little.... testy....
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