Bankers Life Insurance Rehabilitation Questions

[shooter]

I know the companies like Colorado Bankers and others were ran by
criminals.
My question is for all the IMO's that push these companies
to producers on each phone call are email.

Do they have culpability in these situations?
Guess not, just doing their job, right.


Shooter

 

[Brett_B]

I know the companies like Colorado Bankers and others were ran by
criminals.
My question is for all the IMO's that push these companies
to producers on each phone call are email.

Do they have culpability in these situations?
Guess not, just doing their job, right.


Shooter

This assumption is false. And CBL has nothing to do with Bankers Life (formerly known as Conseco). If you put money into a CBL annuity and have not moved it by now, that’s a shame. You likely attempted to, and were coerced into not pulling the trigger by someone who was misinformed or straight up lying to you. Anybody that has money in a CBL annuity will not lose a penny due to the whole ordeal. A TPA has stepped in and a communication will be going out to all policyholders informing them of the status of their annuity contract. By the end of this month, if you’re paying attention to to your mail and your inbox, you should be able to rest easy again.

 

[goillini52]

This assumption is false. And CBL has nothing to do with Bankers Life (formerly known as Conseco). If you put money into a CBL annuity and have not moved it by now, that’s a shame. You likely attempted to, and were coerced into not pulling the trigger by someone who was misinformed or straight up lying to you. Anybody that has money in a CBL annuity will not lose a penny due to the whole ordeal. A TPA has stepped in and a communication will be going out to all policyholders informing them of the status of their annuity contract. By the end of this month, if you’re paying attention to to your mail and your inbox, you should be able to rest easy again.

Bankers Life was never known as Conseco. Yes, Conseco owns Bankers Life, but Bankers Life was around for decades before Conseco was formed.

 

[Allen Trent]

This assumption is false

which assumption are you saying is false?

the owner is indeed a criminal. Serving 5 or 10 years in federal prison last I read

and have not moved it by now, that’s a shame.

um, the policy holders were prohibited from moving their money, just reference the actual customers in this thread talking about it. In truth, not only can the client not take all their money out, if they didnt have a systematic interest withdraw already in place, they couldnt even start a new monthly interest distribution. dont believe me?, reference the CBL documents on their website & the letters to customers

 

[rats0001]

CBL will be in litigation forever it seems. Every legal move takes years, then is appealed, even things I thought the rehabilitator could do without being sued but Lindbergs associates. He got 7 years in jail in case anybodies wondering.

Certainly annuity interest earned after 6/27/2019 will not be paid at the contracted rate. My 5 years term is up 4/3/2023, and I hold little hope I will be able to get it at that time.

Except for hardships, death claims and change of addresses or beneficiaries what does the new TPA do?

 

[scagnt83]

Anybody that has money in a CBL annuity will not lose a penny due to the whole ordeal. A TPA has stepped in and a communication will be going out to all policyholders informing them of the status of their annuity contract. By the end of this month, if you’re paying attention to to your mail and your inbox, you should be able to rest easy again.

Annuity contracts will only be covered up to SGA limits. People will most definitely lose pennies.... millions of them

 

[scagnt83]

Except for hardships, death claims and change of addresses or beneficiaries what does the new TPA do?

Nothing. Its purely an administration role. They are required to do what the Trustee dictates.

Hence the term "Third Party ADMINISTRATOR".

They process paperwork and decide if the paperwork is in good order or not. Then distribute funds appropriately.

The TPA must follow the guidelines the Trustee dictates. And the Trustee is just following the code of law.

 

[Mahmoud mansour]

Are you guys saying that CBL annuity clients are safe but BLIC clients are not?

 

[scagnt83]

Are you guys saying that CBL annuity clients are safe but BLIC clients are not?

No.

 

[caryl baff]

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