Colorado Bankers (CB Life)...

[Tahoe Ray]

Yup. Problem for some is age & insurability.

OneAmerica has a product that goes to 85 and most others go to 80. They will take A LOT of health conditions (assuming you're not already in a facility or wheelchair).

 

[Stephen Round]

Congratulations Phyllis! That is fantastic! We checked our mailbox this afternoon and nothing yet. Any others who have received their checks??? We are in Connecticut.
Steve

 

[scagnt83]

Considering these annuities were sold by alot of corner office financial reps I'm a bank, I am still shocked there has been no litigation against those banks that chose to sell a lower rated carrier that was offering higher interest rates & higher commissions to the banks. When a business is offering something better & paying commissions higher, it usually indicates a cash flow problem & they are trying to attract new business......but long term it can end up poorly

Mediation. Its often cooked into the contract for a FA.

I dont think a Class Action could be filed prior to the SGA payouts. There is no quantifiable loss to go after until you know what the final SGA payouts are.

 

[scagnt83]

His state probably caps at $300,000 and they didn't pay any extra. It's all state by state.

Exactly. Same with the interest rate adjustment. They CAN... doesnt mean they WILL. Its all state specific. Some choose to do the right thing, others dont. Shows you which politicians are on the take and who isnt.

However this is the exact type of situation that they could easily justify doing a rate adjustment. I would be curious to know how many states have that clause in their SGA laws.

 

[ccwpc]

I spoke with Massachusetts SGA…they said it did not happen.. they have to follow state law, they pay 250K. really courteous explaining how each insurance company in the state pays per number of subscribers 413-744-8483 easy to prove payout, go to withdrawals tab on CBL portal, looks like they added Dec. and Jan interestView attachment 16844

Are you saying the $556.69 of the $300,556.69 is your Dec and Jan interest?

 

[Dan T]

Thats my guess since state of OK pays 300 K .. No check yet

 

[ccwpc]

Thats my guess since state of OK pays 300 K .. No check yet

Mine says $250,293.58. Pennsylvania here, limit is $250,000. So, $293.58 interest for Dec and Jan? Seems low. And got my check today. Check is sent from CBLife.

 

[rats0001]

Got check today 2/10 in NV. Check dated 1/15, policy surrendered on 1/14. Got contract interest rate, no reductions. Finally my last post, good luck to everybody else. F lindberg.

 

[Stephen Round]

So are these hefty checks being sent by registered mail USPS or regular 1st class?

 

[ccwpc]

By regular first class mail.