Phyllis Christos
Expert
- 49
That's exactly my question too....
So we started with a 400 thousand dollar policy with a 5 year surrender charge period at 3.6% interest. We were told by the Citizens retail branch guy in 2018 that it would be just like a 5 year CD which is what we were shopping for at the time. Only real difference per the so called "Financial Advisor" at our local Citizens bank branch was that the interest rate was MUCH better!
(In hindsight we've learned that our policy should have been written as 2 separate policies; one in my name and one in my husband's name, each for 200 thousand....so we would have been fully protected by the Massachusetts SGA....but the scoundrel liar *** at our local Citizens Bank didn't know what he was doing... sadly for us! We actually BELIEVED him when he looked us in the eye and said as long as both our names were listed as joint owners on the policy that we were fully protected for up to 500 grand......yea RIGHT...)
Anyways -- FAST FORWARD.
Our surrender charge period ended about 2 months ago.
In a perfect world we would have been withdrawing the whole 400 grand plus 5 years worth of interest at 3.6%....but we all know that didn't happen.
So far... the only money we've seen is the 15 grand everyone got back in 2020 (one time exception to the moratorium) and last week we got about 6 grand... per the latest "accumulated interest" payment scenario.
So, the way I read this now is....we MIGHT actually get a hundred grand by the end of Summer 2023?
And then -- the big question --
Do we still get the 250 grand from the Mass Guaranty Association if/when the liquidation is finally triggered??
If both of those are true -- then we are only "out" about a hundred grand.
Much better than the 200 grand we thought we would be "out"......
So we started with a 400 thousand dollar policy with a 5 year surrender charge period at 3.6% interest. We were told by the Citizens retail branch guy in 2018 that it would be just like a 5 year CD which is what we were shopping for at the time. Only real difference per the so called "Financial Advisor" at our local Citizens bank branch was that the interest rate was MUCH better!
(In hindsight we've learned that our policy should have been written as 2 separate policies; one in my name and one in my husband's name, each for 200 thousand....so we would have been fully protected by the Massachusetts SGA....but the scoundrel liar *** at our local Citizens Bank didn't know what he was doing... sadly for us! We actually BELIEVED him when he looked us in the eye and said as long as both our names were listed as joint owners on the policy that we were fully protected for up to 500 grand......yea RIGHT...)
Anyways -- FAST FORWARD.
Our surrender charge period ended about 2 months ago.
In a perfect world we would have been withdrawing the whole 400 grand plus 5 years worth of interest at 3.6%....but we all know that didn't happen.
So far... the only money we've seen is the 15 grand everyone got back in 2020 (one time exception to the moratorium) and last week we got about 6 grand... per the latest "accumulated interest" payment scenario.
So, the way I read this now is....we MIGHT actually get a hundred grand by the end of Summer 2023?
And then -- the big question --
Do we still get the 250 grand from the Mass Guaranty Association if/when the liquidation is finally triggered??
If both of those are true -- then we are only "out" about a hundred grand.
Much better than the 200 grand we thought we would be "out"......
