When an American soldier dies in combat, his family benefits from a $400,000 life insurance policy. Unless the insurer handling the policy is one of the companies—Prudential Financial, Metlife—who offer bereaved families a “checkbook” for a secure account holding the money that will earn interest (called a “retained-asset account). What the companies don’t say is that there’s no special account for each family: the money is held in a general corporate account, unguaranteed by the FDIC.
Posted via email from Firesaw
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