Any update on the Bankers Life Rehab?

[ccwpc]

I would assume it counts toward your maximum state limit. So, let's say you have $300k in account & 1% monthly checks are $250 per month. If those are paid for 2 years & your state guaranty is max of $250k, you would likely get $245k at payout from fund because you had already taken out $5k in interest payments.

I can't imagine you get maximum plus your prior distributions as some individuals may have been taking large sums out in past before the crisis & would benefit more than others that hadn't taken anything out.

This would be a good question for the Guaranty Association in your state.

Most of us on here have no direct experience with such matters as insurance carrier failures (especially fraud like this) are extremely rare & most of us have never sold a policy from a carrier that ended up in liquidation

Thank you for the reply. My thinking at this time is to take the offer regardless of the tax consequences and at least get something back while I still can I will email my state's Guaranty Association for a response.

 

[Midlevel]

My client received the letter says he will get $8803.91 but the NCRehab website says he gets $721.00.... how is that... these numbers don't come close to each other.

If the 721.00 is monthly, then that gets close to the 8803.00 if that is for the full year?

 

[rats0001]

Its only $721, until the guaranteed interest rate period ends, then its the minimum rate as stated in the policy. Mine is 1%.
I have a formula and was within .30 of the amount that I received.
Its surprising to me that they are using the contract rate, since the rehabilitator can do whatever they want. I will be surprised that in 3 more years or so, when this thing is finally settled that the contract amounts will be restated from the contract rate to the minimum rate starting on June 27, 2019 and after.

 

[David Nyman]

My client received the letter says he will get $8803.91 but the NCRehab website says he gets $721.00.... how is that... these numbers don't come close to each other.

8803.91 is the annual rate. 721 is the monthly rate..

 

[Allen Trent]

8803.91 is the annual rate. 721 is the monthly rate..

So, if received 1 x per year at end of 12 months it is $8803.91, but if received monthly starting right away it is $721 & that causes the difference of $152 less per year from receiving it right away & monthly?

 

[scagnt83]

So, if received 1 x per year at end of 12 months it is $8803.91, but if received monthly starting right away it is $721 & that causes the difference of $152 less per year from receiving it right away & monthly?

Transfer fees and admin.

 

[ccwpc]

Everyone please fill out and send in your victim's impact statement! We all need to do everything we can to send this pos who stole our money to prison!

 

[AnnuityGuy63]

Filed yesterday in North Carolina

 

[caryl baff]

Thank you for legal information now can you put this into 1 sentence that a non-attorney can understand or in plain english, when do we get our money. Cannot tell you how the crook can run the court system, maybe you can tell me how he gets away with it.

 

[rats0001]

All this has no effect on us. The only thing I watch for is when the appeal of the liquidation order is held. I have not read or seen anything on when this will be. All the other cases are just entertainment, on how long lindberg will spend in prison, and how much of the stolen money he will have to pay back to the insurance companies.