Colorado Bankers (CB Life)...

[Allen Trent]

When I got this CBL annuity it also required an insurance policy which the premiums are still being paid. I feel that I should cancel this policy but certainly don’t want to jeopardize any pay out of the annuity should that ever come. Any thoughts?

Who required a life policy? Never heard of such a thing. Do you have proof someone forced you to have it?

Might be worth you looking into that more as it sounds like a sales strategy of an agent unless I am missing something

 

[Tahoe Ray]

Who required a life policy? Never heard of such a thing. Do you have proof someone forced you to have it?

Might be worth you looking into that more as it sounds like a sales strategy of an agent unless I am missing something

Yeah. No such thing.

 

[hatchee]

Maybe it was my ignorance but I signed up for the annuity for $450 per month but when the premiums started only $400 went to the annuity and the other $50 went to a whole life policy with a payout of only$12k at death. The premium went to $25 per month a year later. The cash value as of today is only $750. Again I just thought it was part of the requirement to have the annuity since I did not intend on having another insurance policy. That being said I will pursue cancellation given the current state of this company

 

[Tahoe Ray]

Maybe it was my ignorance but I signed up for the annuity for $450 per month but when the premiums started only $400 went to the annuity and the other $50 went to a whole life policy with a payout of only$12k at death. The premium went to $25 per month a year later. The cash value as of today is only $750. Again I just thought it was part of the requirement to have the annuity since I did not intend on having another insurance policy. That being said I will pursue cancellation given the current state of this company

Was this through an employer or something?

It sounds like the agent just wanted to make some extra money (but I wasn't there so don't know how it was presented.)

 

[hatchee]

The agent set up in the breakdown of my employer. To my knowledge nothing was mentioned about the life insurance policy. I have no record of who the agent was now. Policy was sold in 2015.

 

[Allen Trent]

The agent set up in the breakdown of my employer. To my knowledge nothing was mentioned about the life insurance policy. I have no record of who the agent was now. Policy was sold in 2015.

The application for the life insurance would be printed & in the back of your policy. The agent name & signature should be on that

 

[hatchee]

I contacted CVS and asked them to cancel the whole life policy and asked to stop the premium deduction from coming out of my retirement check and they responded that can’t because of the company being in rehabilitation. I thought this was true for the annuity (they stopped that contribution years ago) but not the whole life policy?

 

[Tahoe Ray]

I contacted CVS and asked them to cancel the whole life policy and asked to stop the premium deduction from coming out of my retirement check and they responded that can’t because of the company being in rehabilitation. I thought this was true for the annuity (they stopped that contribution years ago) but not the whole life policy?

This sounds suspicious.

I have never heard of anything like it in over 25 years in the business.

Annuities and life insurance are almost never tied together. You should be able to stop paying premiums whenever you choose.

Call back again and insist.

 

[Phyllis Christos]

NC Supreme Court Petitions heard yesterday, 8/23/24:

94P24
Mike Causey, Commissioner of Insurance of North Carolina, Petitioner v. Southland National Insurance Corporation, Southland National Reinsurance Corporation, Bankers Life Insurance Company, Colorado Bankers Life Insurance Company, North Carolina Domiciled Insurance Companies, Respondents

1. Intervenor’s (GBIG Holdings, LLC) PDR Under N.C.G.S. § 7A-31(COA23-725)
1. Dismissed as moot

2. Appellees’ Motion to Expedite Consideration of PDR
2. Dismissed as moot

3. Intervenor’s (GBIG Holdings, LLC) Motion to Withdraw PDR
3. Allowed

 

[Jrbeccles]

Phyllis - thanks for this. However, I really don't know what it means. Can you clarify? Thanks!