Colorado Bankers (CB Life)...

[Allen Trent]

I'll buy two..
Bankers Life was in Florida when I bought these annuities. They moved to North Carolina because regulations allowed an insurance company to invest 40% of their funds in outside companies. I think most states limit this to 10%. Lundburg was trying to influence the insurance commissioner with contributions to increase this to a higher amount.

Wow- had never heard that part of the story. Absolutely criminal, but I bet he is still free

Lesson to agents not to chase best & highest rates if that brings along the added baggage of an B rated insurer or small carrier.

* Colorado Bankers Life https://cblife.com/?AspxAutoDetectCookieSupport=1#!

Not to be confused with Bankers Life. Bankers Life | Retirement and Income Solutions

Bankers Life of Florida is one of the many companies connected to Colorado Bankers in the Global Bankers & Eli Global network of carriers under ownership of Greg Lindberg

 

[Allen Trent]

You really should stop calling the company "Banker's Life" instead of Colorado Banker's Life. Two different companies.

Not sure where the forum mods are but this needs to be corrected.

Bankers Life of Florida is a name of 1 of the many carriers/units involved from the parent company

 

[David Nyman]

The charges against Lindberg and Palermo “pertain to the conduct of those individuals, not the actions of Eli Global or its portfolio of companies,” Eli Global said in a statement.
The portfolio of companies includes Colorado Bankers Life and Bankers Life Insurance Co. of Florida The North Carolina Department of Insurance said that plaintiffs in the case are the insurers companies that were placed in rehabilitation: Southland National Insurance Corp., Bankers Life Insurance Company, Colorado Bankers Life Insurance Company and Southland National Reinsurance Corp.
There are two insurance companies with that name." Bankers, Life" wich is an insurance company, and "Bankers Life Insurance Company" wich is also an insurance company. Its confusing.

 

[David Nyman]

Btw, everyone, please note that he IS getting a monthly income from his annuities!!!

Let me clearify this. The annuity I purchased for 240K pays a 3% dividend for 5 years. I receive the dividend in monthly payments. After the 5ys I planned to withdraw the 240K (penalty free) and invest it elsewhere because the dividend drops to 1% until the annuity matures some 25 yrs later. The contract also allowed a yearly 10% (24K) withdrawal, penalty free. The contract also allowed a withdrawal of the original 240K before 5 yrs with a penalty. the contract is in defalt now because I cant make any withdrawls. If the rehab process goes longer than my 5 yr guaranteed rate, then the rate drops to 1% untill the rehab is resolved or the annuity matures in 25 years. I'm 70 and retired. I use this money for income. I feel inflation is comming and to have my money tied up earning 1% with 10% inflation, well there would soon be nothing left. This is turning into the worst investment I've ever made.
From the greedy billionare that swooped in and bought these four cash rich insurance companies, then took the cash to enrich himself (billions of $), to the corrupt insurance regulators that let him do it, to the state insurance guarantee program that does'nt seem to guarantee anything really, to the LPL financial agent that sold me this low risk, guaranteed, nothing can go wrong piece of crap, the whole thing is one big cluster****. And lets not forget to mention the rating agencies that only lowered the ratings after the insurance companies were put into rehabilitation. Apparently the rating agencies havent reformed since they destroyed the world econom in 2008.
So DHK do you really feel there is no harm being done here?

 

[DonP]

Let me clearify this. The annuity I purchased for 240K pays a 3% dividend for 5 years. I receive the dividend in monthly payments. After the 5ys I planned to withdraw the 240K (penalty free) and invest it elsewhere because the dividend drops to 1% until the annuity matures some 25 yrs later. The contract also allowed a yearly 10% (24K) withdrawal, penalty free. The contract also allowed a withdrawal of the original 240K before 5 yrs with a penalty. the contract is in defalt now because I cant make any withdrawls. If the rehab process goes longer than my 5 yr guaranteed rate, then the rate drops to 1% untill the rehab is resolved or the annuity matures in 25 years. I'm 70 and retired. I use this money for income. I feel inflation is comming and to have my money tied up earning 1% with 10% inflation, well there would soon be nothing left. This is turning into the worst investment I've ever made.
From the greedy billionare that swooped in and bought these four cash rich insurance companies, then took the cash to enrich himself (billions of $), to the corrupt insurance regulators that let him do it, to the state insurance guarantee program that does'nt seem to guarantee anything really, to the LPL financial agent that sold me this low risk, guaranteed, nothing can go wrong piece of crap, the whole thing is one big cluster****. And lets not forget to mention the rating agencies that only lowered the ratings after the insurance companies were put into rehabilitation. Apparently the rating agencies havent reformed since they destroyed the world econom in 2008.
So DHK do you really feel there is no harm being done here?

I’d love the know were your going to make more than 1% in a risk free investment ? Chasing the stock mkt sitting in the greatest bubble ever at 23 avg p/e?Housing mkt ? Up an astonishing 7% y/y . Your correct about massive inflation coming as the fed and govt will have printed near $10 trillion by the summer . We’re heading toward a zombie economy like Japan has been for 30 yrs . The only place we see mass inflation right now is asset inflation prices . But for you to make over 1-2% your going to have to take risk .

 

[DayTimer]

Chasing the stock mkt sitting in the greatest bubble ever at 23 avg p/e?

The time to buy was Feb/March 2020 when blood in the street and the Fed publicly announces it is spiking the punch bowls and leaving only 10% real fruit juice. I'm nearly out now. Still have some SPY and QQQ, but no more shares, just long term calls. Unlimited upside if things get real crazy, with a rock bottom limit to the downside if things get real crazy lol.

Best place for cash right now is inside max-funded whole life insurance contracts inside rock solid mutual insurers who have been in business for 150 years or more without ever missing a dividend, in my opinion. And yes, my money is where my mouth is. And there it will stay until we get another opportunity (blood in the streets, Fed turning on the liquidity fire hose, etc.)

 

[DHK]

So DHK do you really feel there is no harm being done here?

Project much? When did this become MY fault?

Maybe I should ask you like I should ask a woman: Do you want sympathy or advice?


All I'm reiterating is that you still are receiving the payments from your annuities as planned and promised.

However, since *I* don't know if you've done the math about how much the annuities are paying you, nor do I believe you fully understand your contract, I'm not sure yet of how much of a victim you really are?

If you're getting your 10% free withdrawals as income right now, and if it's before the 5 years of the contract... you are simply griping about the receivership/rehabilitation process.

I can't blame you for hating the uncertainty that should not have been there for a certain product purchase.

Let's see what your options are:
1) You can sue your LPL fiduciary securities advisor for lost opportunity costs and the mishandling of this whole recommendation.
2) You can sue the insurance company for its breach of fiduciary duty for not allowing additional withdrawals from the contract (assuming you aren't maximizing them already).
3) You can also file complaints with the NC DOI. (I'm sure you've already done that.)

Is that what you need to hear? That you can sue? Go ahead and do it.

If you feel harmed... you sue. That's the American way.

Just don't think you can sue ME for it. I'm not a named party and certainly didn't receive any compensation over any of this.

Btw, if you're already maximizing your 10% free withdrawals before the 5 years of the contract... I doubt you can sue as it cannot be proven that you've been harmed (aside from being able to access more than 10% and paying a surrender charge).

This is not legal advice.

 

[FETalk]

Well that is a really interesting development.

I read the last rehabilitators report and to me it looks CBLife should go into liquidation now. Of the over $900,000,000 of Greg Lindberg's (now in jail for 7 years) closely held assets, over $700,000,000 stopped paying on 6/30/2020.

Surplus is almost gone, and no company can make it when around 33% of their assets go bad.

So I guess this will drag out for years and then go into liquidation.

Only 7 years, that's It? A small time bank robber would do more time than that!

 

[Newby]

Let me clearify this. The annuity I purchased for 240K pays a 3% dividend for 5 years. I receive the dividend in monthly payments. After the 5ys I planned to withdraw the 240K (penalty free) and invest it elsewhere because the dividend drops to 1% until the annuity matures some 25 yrs later. The contract also allowed a yearly 10% (24K) withdrawal, penalty free. The contract also allowed a withdrawal of the original 240K before 5 yrs with a penalty. the contract is in defalt now because I cant make any withdrawls. If the rehab process goes longer than my 5 yr guaranteed rate, then the rate drops to 1% untill the rehab is resolved or the annuity matures in 25 years. I'm 70 and retired. I use this money for income. I feel inflation is comming and to have my money tied up earning 1% with 10% inflation, well there would soon be nothing left. This is turning into the worst investment I've ever made.
From the greedy billionare that swooped in and bought these four cash rich insurance companies, then took the cash to enrich himself (billions of $), to the corrupt insurance regulators that let him do it, to the state insurance guarantee program that does'nt seem to guarantee anything really, to the LPL financial agent that sold me this low risk, guaranteed, nothing can go wrong piece of crap, the whole thing is one big cluster****. And lets not forget to mention the rating agencies that only lowered the ratings after the insurance companies were put into rehabilitation. Apparently the rating agencies havent reformed since they destroyed the world econom in 2008.
So DHK do you really feel there is no harm being done here?

Are you sure the 3% is a dividend and not interest?
A state guarantee fund will never cover dividends.

 

[David Nyman]

Your right, it is interest. Since I receive the interest each moth, it never accumulates. The only thing that Bankers Life has of mine is the original 300Kish.