Bankers Life And Casualty Complaint - Contracts Mostly Take Advantage Of Trustful Seniors - Their Specialty

Review by ronE3 on 2008-12-17
My recently widowed mother-in-law received free help managing all her IRAs, life Insurance funds, and misc savings, into "one" easy to manage advisor/company. 4 different annuity contracts were issued, each with a "single payment" taking all her money. Her cash-value wiped out a lot of the money invested, right away. The cash value will equal her deposit when she turns 99. Then her monthly benefits will continue 'till she's 119...

The policies have a 7% fixed interest rate [only for the first year] from then on, you'll get 1.5% "or more". To get out of these policies will cost in the $20,000+ but that's still better than keeping the money there. Also, she was told that she could withdraw her money at any time - without any fee - instead of the 8% penalty. The policy is a total rip off in every paragraph.

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