Quote:
Originally Posted by Don
You missed the difference between, "Here is your money...where do you want me to deposit the funds?" and "We put the funds in one of our own accounts". One is your choice, the other the decision is made for you, albeit as temporary as you want to make it. Additionally, the insurer is exploiting the situation and profiting off their decision with the beneficiaries money i.e. “To help you through what can be a very difficult, emotional and confusing time, we created a settlement option, the Total Control Account Money Market Option. It is guaranteed by MetLife.” Makes it seem like it is a good long term solution. Hell, it's a total control money market account!
Add to that (no matter how short the time period) the money was not insured by FDIC, how well were the beneficiaries protected by the insurers decision to retain the funds? I have heard of some big name insurance groups going under recently.
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I think you summed it up nicely.
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