So yet again Nobody within insurance limits has every lost a dime on an annuity or life product in the history of the insurance industry since Guarantee funds were established by states . So your principal is as safe as fdic in reality . It's all about protecting the integrity of the system . If loses of principal occurred there could be a run on all insurance carriers .
Colorado Bankers (CB Life)...
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Except for the 5 years this took to handle? All's good for the company men, right?
Yeah but they did get their money back . I think what happened in Colorado bankers case it was massive fraud and it complicated things . In most sistuations it's investments that went bad . For instance i actually called Columbian on Monday and they answered the phone and no issues getting help . There were recently taken over
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Took Shenandoah 5 years too.
Speaking of companies on the phone. Called AmAm today. We gave up after 33 minutes of hold time.
I'll say this . I'm unbiased and only speak what I experience. I've given the kudo's to am am cs many times and It has been . But lately I've gotten busy signals many times over several hrs trying .
Still means nothing to us excess policyholders. Hopefully enough of lindbergs assets can be recouped to pay excess policyholders back.
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Not exactly true. Lots of nickles, dimes, quarters & dollars were indeed lost. If they were in a 5 year MYGA at say 4%, they lost 3% for some of those years when current locked in rate was dropped to contractual minimum. They then lost opportunity cost for 5-7 years waiting to get their money.
But yes, no one under the state minimum level lost the actual money invested, but I think it is insensitive to not recognize they did lose many thousands of dollars in lost promised interest and opportunity cost.
Illegal as insurance agents to give the impression that SGA is anything like FDIC
No it's not fdic . But it has worked like fdic . It's exactly why I only keep my money in the biggest banks and brokers . I don't give a crap about 1% more . For me it's Goldman , Schwab , vanguard , Wells Fargo , jpm .
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It doesn't work anything like the FDIC
Bottom line everyone always gets there money back up to the limits . Every death claim in history up to the $300 k state limits has always been paid . It might take yrs but it's paid . I have no idea if some death claims have take yrs to be paid . You have any knowledge of this ?
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