Any update on the Bankers Life Rehab?

[caryl baff]

To New Member,
Thank you for your added info.

 

[rats0001]

Contractual interest rate only guaranteed to 6/26/2019.

 

[caryl baff]

Shameful cannot understand this back & forth legal jargan and our money is still beinh withheld from us even during this inflationary period when we can certainly use it. Am sure this money was hard earned and anxiously going to be used wisely by each and every owner and now no one even has considered us in this case. We are the forgotten who have no representation at all just used by our so called brokers and/or financial advisors for putting us in this position and there is no justice that these unscrupulous so called financial advisors are getting away with their crimes and not being punished for putting us into a less than A+ investment as this would never occur in a viable solid A+ insurance company. I have never heard of this happening in these very high rated companies. I can only pray that our money owed to each and every owner gets repaid quickly. Hard to believe in today's climate, this robbery is taking place and they are getting away with it. Am sure most of us are elderly and wanted to give to our children and grandchildren and they probably hope all will either forget and die off and the debts will follow as well. I have no faith in the Insurance Guarantee from each state at this point, although speaking with them, they promise to repay when due. It is now over 3 yrs since BL has declared "rehabilitation" and kept our money. Didnt even give us a chance to cash policy in although I spoke with them numerous times just prior to my policy's expiration. The only people making out substantially are the attorneys, accountants, etc with our money.

 

[rats0001]

No government official cares about the policyholders.
They should liquidate these companies, and then distribute any proceed from all the lawsuits back to the state guarantee funds.
I don't understand why the insurance companies have so many legal rights, when they can't make good on the policies.
Its hopeless, maybe we will get some money back in 10 years or so, with no interest after 6/27/2019.

 

[caryl baff]

Thank you for response very sad scenario for all involved innocent people.

 

[Tahoe Ray]

Regarding interest: Check your Bankers policy. After the end of the "withdrawal period" (3yrs, 5yrs, etc.), your interest rate drops to 1.5% until you're 90 years old.
FDIC insured CD's are paying over 3% as I type...

That's common for all MYGAs. Most people move them to higher rates (over 4% at the time of this post for highly rated carriers.)

I hope you guys get "unstuck" from this Bankers debacle sooner than later. It really is terrible.

Good luck.

 

[caryl baff]

To all who have had their money withheld from BL annuity CDs just to inform you Lindberg let out of prison on Friday due to Judge's error and probably wont have to return for further hearings. Seems victim is rewarded for helping himself to our money, and we are still not vindicated. How does that make all of you feel.

 

[caryl baff]

Truly, there is no justice in the world today. Having expensive atty is the only language understood as you can readily see. Very upsetting and offputting.

 

[rats0001]

Of course everyone knows that principal in these annuities is not guaranteed at all, and policy stated interest is only good until the rehabilitation began.

Given that this company is for all intents bankrupt I would expect sometime in 2029 when the rehabilitation plan is put into effect, a severe haircut on principal balances for any short term redemptions, and no or almost no interest after 6/27/2019.

I would guess that in 2029 if you leave you policy alone for another 10 years, then you might get your principal back and some ridiculously low interest rate of the policy minimum of 1.5%.

For anyone without a life expectancy of at least 20 years, these policies are a 0 imo.

 

[rats0001]

I also assume lindberg will begin running these companies again. I have not read anything to contradict this.