Colorado Bankers (CB Life)...

[jdeasy]

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 ?

The end does not justify the means.

This whole thing was as wrong as wrong can be.

No state was there to help these people until they were forced to and even then they did the bare minimum.

This is a black eye to the whole insurance industry.

It's just shameful.

 

[ccwpc]

You can bet on it that anyone affected by this or any annuity failure that they will never touch another annuity product again or any insurance product and will inform everyone they know to do the same, giving a dim view to the insurance industry and rightfully so. These insurance products are just too risky with no federal safeguards.

 

[Tahoe Ray]

You can bet on it that anyone affected by this or any annuity failure that they will never touch another annuity product again or any insurance product and will inform everyone they know to do the same, giving a dim view to the insurance industry and rightfully so. These insurance products are just too risky with no federal safeguards.

The annuity product YOU purchased was too risky. Their ratings were bad from the start and most agents I know weren't selling them at all because of that.

Ratings aren't everything but they certainly help.

Just like a risky stock, a risky real estate investment, or a risky bond, none of which have federal protections either.

 

[DonP]

The annuity product YOU purchased was too risky. Their ratings were bad from the start and most agents I know weren't selling them at all because of that.

Ratings aren't everything but they certainly help.

Just like a risky stock, a risky real estate investment, or a risky bond, none of which have federal protections either.

I was about to say . The guy put in over the insured limits and he went with a trash ass carrier . This would have never happened with the huge strong carriers . Jackson national,mass mutual ,Northwestern , ny life ,Athene ,alliance ,nationwide,Tiaa

 

[ccwpc]

What else do you have to go by besides ratings? The ratings were still good at the time of purchase. Otherwise, over 200,000+ policyholders wouldn't have been swindled out of their money. Ratings mean absolute dog crap as evidenced here. It's really eye opening how many insurance companies have failed throughout the years.

 

[DonP]

What else do you have to go by besides ratings? The ratings were still good at the time of purchase. Otherwise, over 200,000+ policyholders wouldn't have been swindled out of their money. Ratings mean absolute dog crap as evidenced here. It's really eye opening how many insurance companies have failed throughout the years.

Invest in cd's . Tons of fdic banks 4.30 for 13 months . I've even seen 5 yrs at 4% . Or better yet buy the spy as it Guarantees 10-15% a yr . lol

 

[Tahoe Ray]

What else do you have to go by besides ratings? The ratings were still good at the time of purchase. Otherwise, over 200,000+ policyholders wouldn't have been swindled out of their money. Ratings mean absolute dog crap as evidenced here. It's really eye opening how many insurance companies have failed throughout the years.

They were not good at the time of purchase. They were below a level that many agents' errors and ommissions insurance would cover. They were considered a risky carrier since before all of this started.

 

[Allen Trent]

They were not good at the time of purchase. They were below a level that many agents' errors and ommissions insurance would cover. They were considered a risky carrier since before all of this started.

and thus the reason they were offering higher interest to consumers & higher commissions to the banks/agents to sell a carrier with a below average rating...........................those with below average ratings usually have a liquidity issue and need more incoming cash to cash flow the outflow or to try to more aggressively invest to improve their cash flow..........recipe for disaster. A disaster for not only the consumers, but it penalizes the other higher rated carriers that didnt have anything to do with the lower rated carrier or its poor management or in this case, flat out fraud

 

[ccwpc]

If true that the ratings were poor at the time, it seems we have dishonest and greedy agents or at the very least, incompetent agents in the industry who sold these over 200,000+ policies.

 

[scagnt83]

What else do you have to go by besides ratings? The ratings were still good at the time of purchase. Otherwise, over 200,000+ policyholders wouldn't have been swindled out of their money. Ratings mean absolute dog crap as evidenced here. It's really eye opening how many insurance companies have failed throughout the years.

There were literally 100+ carriers with higher ratings than them at the time of purchase. Many of those carriers sell annuities.

As pointed out, they had the lowest ratings in the industry. So low that many agents liability insurance would not cover sales by that carrier.

It was the ratings equivalent of purchasing a junk bond.

Insurance carriers are some of the safest and most capitalized financial companies in the US... if you choose one with an A+ rating. There are insurers who have never missed a dividend or interest payment for 180+ years.