Bankers Life Insurance Rehabilitation Questions

[Allen Trent]

Must say sometimes I wonder what country we live in that an ins co takes your money and suddenly due to some CROOK stealing and misusing same for his own personal use that they should have foreseen and stopped and now besides not wanting to give us back our hard earned money they keep us in the dark how can this be, what about laws and where are those attorneys who rush in to take a juicy case (none around) and help the poor people that have been caught up in this and deprived of their own money. Money should be repaid regardless immediately this is criminal.That's all I have.

The money isn't there. Need to find it, chase what's leftover & try to assign blame & see if those responsible have any assets to be taken to give some to those who may have lost money. Definitely another reason to not put large sums with lower rated companies.

 

[Mahmoud mansour]

Mr Guru,
You have hit enough times on the wound. We are victims of agents that told us the company rating is B+. Also state guarantee funds are there to cover. Glad to see you are doing better with your clients. But what are u doing here in this forum, other than trying to depress people and make them lose hope.
Court proceedings say that judge will either rule to liquidate or reinsure.
Balance sheets do not look bad so far.

 

[Mahmoud mansour]

Judge rejects Lindberg's attempt to get out of prison for father's funeral

 

[Allen Trent]

other than trying to depress people and make them lose hope.

definitely not my intention. Sorry if you got that impression. There are 2 or 3 of these CBL threads going & I believe I have been supportive overall in those.

I hope you get all your money back & more

 

[Mahmoud mansour]

You are a guru in making people feel bad. You have not said anything to help. I dont know why you are in this discussion

 

[scagnt83]

You are a guru in making people feel bad. You have not said anything to help. I dont know why you are in this discussion

Allen answered the question that was asked. And it was a correct answer.

If you have any factual information to share. You are more than welcome to do so.

It is a tragedy what is happening with peoples life savings in this situation. And it serves as a huge learning opportunity for both agents and consumers. Way too many agents dont realize the danger of selling B rated carriers. Way too many consumers fail to ask basic questions or do any research on their own... literally 1 minute searching on google would have provided the rating info and how it ranks compared to other carriers... literally 1 minute on the State SGA website would have shown that SGA is not insurance and does not make consumers whole if something like this happens.

Ask lots of questions. Ask where to find that info to confirm the answers being given. If you doubt what your being told and still go through with it... get the items you have doubts about in writing ... if the agents isnt willing to then they have something to hide.

Its sad what has happened to you. I get that your angry. But this isnt just about you. Its not just about the people directly affected by this. It is about the industry. And that is what Allen was discussing.

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When one company is offering returns/benefits/etc. that are way above what everyone else in the market offers... there is a reason... and it almost never is because they are doing great financially. Companies with strong financials dont need to take on increased risk to offer high returns just to make sales. Companies with weak financial strength do.

 

[caryl baff]

Mohmoud
Like your thoughts and let us pray that we recover our monies soon as with inflation and the rest of the country in a royal mess, we need it urgently thinking about filing hardship but feel not a good can of worms to open

 

[scagnt83]

thinking about filing hardship but feel not a good can of worms to open

My RIA (liar) also told me it was guaranteed by SGA as he knew CDs were the only way I would invest my money, guarnteed.!!

Have you considered speaking to an attorney? You can sue for both the damages and the attorney fees. Someone might take it with an initial retainer and then contingent on recovering part of the fees through the settlement.

Not sure how much we are talking about here. But you can find an attorney these days that will take on a $20k case. Especially if they are getting paid a bit up front.

The RIA (technically the advisor is an IAR, who works for the RIA firm) has "errors & omissions" insurance. These cases rarely ever go to a jury trial, which is why lawyers like them. If you have any proof at all about (such as an email or sales document) the advisor used the SGA during the sales process, then you have a case. Especially if he compared it to FDIC insurance.

Keep in mind, an IAR has a much higher legal standard to meet when making recommendations to clients. Providing wrong info, especially something that large of a deal, is a really big deal in that world from a legal perspective. They had a LEGAL DUTY not only to act in your best interest, but to disclose all relevant info accurately.

If it were me, and it was a large sum of money, and I was outright lied to by an IAR... I would hire an attorney. jmo

 

[caryl baff]

I do not wish to take this drastic step my ria who I spoke with recently takes no responsibility says never had this happen and I will not pay atty up front so will wait like all the others involved in this. BTY agree with Judge's decision on not letting Lindburgh attend fathers funeral he should suffer the rest of his life.

 

[scagnt83]

I do not wish to take this drastic step my ria who I spoke with recently takes no responsibility says never had this happen and I will not pay atty up front so will wait like all the others involved in this. BTY agree with Judge's decision on not letting Lindburgh attend fathers funeral he should suffer the rest of his life.

Why would you consider it such a drastic step? Reasons like this are exactly why Advisors are legally required to carry E&O insurance. So you the consumer are able to recoup losses if the Advisor makes an unsuitable recommendation.

I take it your accounts are under the SGA limits?

That is still a long time to wait... especially on the POSSIBILITY of getting SOME of the funds back. Filing an E&O claim would actually allow you to recoup lost interest during the time your funds are locked up in a product you dont want or isnt paying a decent rate anymore. Especially if we are talking hundreds of thousands here.

There are plenty of lawyers who would look at your case and consider it for contingency. Was this the majority of your savings? If so, you really should speak with an attorney.

Of course the Advisor who sold this to you isnt taking any responsibility. If he did, it would be even more ammo you have to file suit against him and his firm. He knows this. He is trying to avoid you filing suit and him having an E&O claim... which would also likely result in him losing his job.

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