Insurance Woes
When something bad happens to a good friend
almost the first words we say are:
"I sure hope s/he had Good Insurance."
Unfortunately, a good insurance company probably isn't what s/he was looking for when the time to buy insurance arrived. CHEAP is what most folks are after. Only the wisest start at the other end, checking for financial strength, payoff record, and agent continuity BEFORE comparing prices.
Insurance companies don't have much legal leeway in how and where they can invest their funds. Of course, that's on paper -- where everything looks good. In real life, things are a little different. For example: 2,186 policyholders in one state alone were affected by their life insurance company "losing" $13 million of its $14 million in assets. Where did all of the money go? It was lost to Liberty National Securities Inc., recently from Greenwich, CT, but now so well hidden that even the FBI can't find the company.
Liberty National was a securities brokerage run by Martin Frankel. He offered to invest money for the insurance companies, but instead he simply transferred it into a variety of secret accounts. Frankel didn't even use an office. He did his dirty work at his Greenwich home. There was a suspicious fire there on May 5, 1999. Nonetheless, investigators turned up documents that would have told Frankel all about the extradition laws in different foreign countries.
What they didn't find was any sign of the $950 million he had taken from insurance companies to invest for them.
Beyond the wretched pile of lies, burned records, brilliant embezzling, half-baked cover-ups, and the disappearance of nearly a billion dollars, there remains one small question: What happens to all those poor people who were left holding life insurance policies from the insurance company now declared insolvent?
Well, it just so happens the taxpayers of that state have volunteered to pick up the tab for a few months and put the company in receivership. Ultimately, most of the 2,186 policy holders will find themselves with another company, possibly even one of their own choice -- if they are lucky!
Yes. When something bad happens to a friend
almost the first words we say are:
"I sure hope s/he had Good Insurance."
With nearly one out of two being diagnosed with cancer, with hospitals charging four times more than they did a decade ago, with insurance companies pulling out of whole states at a time, with insurance rates going up from 10 to 20% every year all across the country, Isn't it time to Quit Hoping, and make sure your insurance company will still be there when you need it?
You're already gambling that you'll never have an accident, never get sick, never need dental care, never need chiropractic, supplements, or medication. Don't gamble on the company you are carrying insurance with at the same time.
Find out what your policy really covers.
Find out if the company can cancel you at any time.
Find out how long it takes for your spouse to collect after you are gone.
Ask the best insurance companies on the web for a policy comparison today!
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