The Best Kept Secret is Out of the Bag – Your cash value is guaranteed in the unlikely event that your annuity company can’t pay the claim.
OK, here’s an observational quiz: What’s the one most visible sign posted in banks everywhere? And no, I don’t mean the “We Think Your Money is Our Money” sign, or the one that says, “If You Don’t Need Money, We’ll Loan It to You”.
Answer: “FDIC Insured”. It’s everywhere. On the doors, on the table where you make out your deposit ticket, next to the Tellers. I heard that one bank even staples it to the Tellers’ foreheads. You think?
So, did you know that the Insurance/Annuity Industry also has guarantees on its cash values? You didn’t? Why not?
Because we were not allowed to tell you about the Florida Life and Health Insurance Guaranty Association (FLHIGA) until July 1, 2010. Since it is now after July 1, 2010, I can tell you, sort of. Actually, I still can’t tell you this unless you ask me. All I am doing today is telling you that a law was just passed that allows us to tell you this – if you ask.
If you wonder why we had to keep this secret, maybe you should look at the lobbying power of our beloved and trusted banking industry. Now they can’t hide behind the idea that they are the only “safe” place to put your money, as they offer you their absurdly low rates.
This foolishness is kind of the banking lobby forcing a “Don’t Ask; Don’t Tell Policy” on their competitors.
But, if you do ask, I can tell you that, with new rules that are also part of this law, the FLHIGA will guarantee cash values on Annuity Contracts up to $250,000. But, remember, I can only tell you if you are curious as to the safety of your Nest Egg. If you don’t care, if you don’t ask, you’ll just have to wonder. I can’t tell you.
Now the cat is out of the bag. I tell you about it. If you ask me.
Blog Courtesey of:
Tom Willoughby, JD
The Retirement Rescuer
Oakmonte Village is a new 25-acre luxury senior living community in the heart of prestigious Lake Mary, Florida. Ideally located for ease and convenience, Oakmonte Village is within easy reach of many local Orlando amenities such as parks, walking trails, lakes, and more.
Oakmonte Village offers resort style living and freedom from home maintenance. Residents at Oakmonte enjoy amenities such as card and game rooms, fitness center, movie theatre, on-site banking, gift shop, pharmacy, outdoor swimming pool, full-service concierge and a diverse array of culturally rich programming. Oakmonte’s active lifestyle is supported by concierge physician services, rehabilitative and home care services as well as a continuum of care through our soon-to-open assisted living and memory care community. All without any entrance fees.
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