The January 20th interest posted to our bank account yesterday 1/24. That was for December and the first part of January....
CBL says to expect the "big check" in the mail sometime in February....they can't say exactly what day.....
Luckily our state guaranty association is covering excess policy holders like us... so we are mighty grateful....
The normal coverage is up to 250 in Massachusetts but the board voted to cover folks up to 350 in this horrific criminal case...
Yay!! We will finally be made whole... if and when that check ever arrives..... next month..... ???
 
today CBL says your paper is not scanned in allow 6 to 8 weeks,
Although they did say if paperwork is not correct they will reach out, so to quote no news is good news
 
www.nolhga.com/globalbankers
this should be a required read before anyone buys an annuity
Very interesting . Many things i didn't know . So if you had the annuity since lets say 2014 and the seizure was 2019 i think it said . It seems you make 2.2% from 2014 to 2019 and 1.08% after 2019 till now . So basically no matter what you accumulated in the yrs before the seizure you make little of those returns . Any other gains you had are a claim against the bk estate. So the lesson here is you need to go with the the larger stronger co's . So in reality all these yrs with ones money tied up you basically get your principal back .Any account over $250k you'll get pennies on the dollar if anything above the $250k.
 
Very interesting . Many things i didn't know . So if you had the annuity since lets say 2014 and the seizure was 2019 i think it said . It seems you make 2.2% from 2014 to 2019 and 1.08% after 2019 till now . So basically no matter what you accumulated in the yrs before the seizure you make little of those returns . Any other gains you had are a claim against the bk estate. So the lesson here is you need to go with the the larger stronger co's . So in reality all these yrs with ones money tied up you basically get your principal back .Any account over $250k you'll get pennies on the dollar if anything above the $250k.
Maybe the lesson here is to avoid all insurance companies?
 
Maybe the lesson here is to avoid all insurance companies?
Yes and no . Example my 91 yr old day wanted to leave $200k to 7 grandkids. He locked in a 5 yr annuity at 5.4% about 15 months ago . The reason why he didn't want to pay income taxes on the interest as he's in the highest tax bracket . If he lives to 97 ish he'll probably just pay it out to the beneficiaries minus the tax he has to pay. He did with a very strong large company Symetra. Personally I'd never do an annuity
 
This 2.22% rate is a total rip off. In 2023 the 25% mandatory withdrawal cause a taxable event based on the contract rate, mine was 3.6%. Now they are going to reduce the interest rate for the 4 years before the rehabilitation date June 27, 2019, to 2.22% and after the rehabilitation date to 1.08%.
Even with all the time that has elapsed the interest actually earned on the policy will be less then the amount of interest I've already paid taxes on. It seems like some kind of adjustment on the 1099's needs to be made.
 
Back
Top