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My Benefits America Informative - SCAM: Irrevocable Life Insurance Trust

Review by woodhavensucks on 2007-04-06
DALLAS, TEXAS -- There is a scam that is being perpetrated across the country which targets Christians through their religious organizations. The program claims to offer life insurance with no out of pocket expense through the purchase of a benefits package from My Benefits America (MBA).

My Benefits America
12655 N. Central Expressway
Suite 320
Dallas, TX 75243
214-521-6600
www.mybenefitsamerica.com

[Personal information removed]

I and many others were solicited by these MBA employees to invest in MBA through the purchase of "territories". MBA investors were given contracts which offered them exclusive rights to payment off of all packages sold within their territory regardless of who sold the package. The name of the insurance program was FREEDOM 7. The premiums were to be paid by a charitable trust named GUARDIANS FOR LIVING.

Guardians for Living, LLC
799 Hunt Street
Ashland, KY 41101

This program was to have established an Irrevocable Life Insurance Trust (ILIT) for people who they approved. Any policies that were issued to MBA members were canceled due to non-payment. Of course, this begs the question, "why were they gathering all this personal information if they weren't going to pay for the policies"?
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