Bottom line is they gave her a checkbook with all $400K in it. She made the choice to leave it in the account. She could have deposited all of it into her own account from day one. Yes they earned interest on it, but they also gave her profit from that. If she doesn't like the terms of it then she could have invested all of the money however she saw fit.
Did they give her all the money? YES
Did they give her interest on the money? YES
Could she have takedn the then money out and done whatever she wanted to from day one? YES
There is no story here only ingnorance.
Fallen Soldiers' Families Denied Cash as Insurers Profit
Moderators: mpallett, bakerjw, renegade, Hush
- kalikraven
- Elite Member
- Posts: 2944
- Joined: Thu Jul 06, 2006 4:48 pm
- Location: Florida
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
Going a little more discrete here due to some of my opinions...
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
So since 87 percent of spouses of killed service men and women, parents, and other benificiaries of SGLI settlements, who are what seems to be automatically opted to this retained account, are in your words, fucking idiots also?Cheetah wrote:Your "legs" are exactly the initial story regurgitated by other media outlets. I still see no foundation for this argument.
The problem is the default to the companies benefit. Taking advantage of fine print and people overcome by grief to make a few more bucks. Unacceptable to me, so I disagree.
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
Not at all, unless they're not thoughtful enough to consider the standing of their money, then attack the insurance companies for doing something they openly admit to doing. If the insurance companies were hiding the fact that they're making money on these accounts and didn't disclose the details to the recipients of the benefits, I would be on your side of the argument 100%. They gave her the information pertaining to the standing of her money and they provided her money in the most efficient manner possible (while offering other options, which she chose not to take). It is not the insurance company's fault she chose to leave her money in their account.f.2 wrote:So since 87 percent of spouses of killed service men and women, parents, and other benificiaries of SGLI settlements, who are what seems to be automatically opted to this retained account, are in your words, fucking idiots also?
I can see some validity to this argument, but I guess it's a difference in opinion. They didn't begin earning interest on the money the day that policy was paid out, they had been making money on it from the time it was put into their accounts. To the extent of my knowledge, and I could very well be wrong here - I'm not an expert on banking, there is no law that requires any financial institution to pay interest to account holders. I know for a fact there is nothing in the SGLI that requires interest be paid. In choosing to leave her money with them, given the provided information, she was essentially choosing to allow them to collect interest on the money she's got in holdings with them. I'd be pretty amazed if my bank isn't earning money on my savings account, I'm not going to sue them over it.f.2 wrote:The problem is the default to the companies benefit. Taking advantage of fine print and people overcome by grief to make a few more bucks. Unacceptable to me, so I disagree.
I can't say I agree 100% with the fact that they're making money off of the money in question. I don't entirely disagree with it either, though. And the fact that they not only gave her the option to remove their ability to earn profits on her money by transferring it out of their holding, but also provided her with details to the exact situation of her money removes any right of hers to complain in my eyes.
- kalikraven
- Elite Member
- Posts: 2944
- Joined: Thu Jul 06, 2006 4:48 pm
- Location: Florida
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
They only make interest if you don't take the money out of the account. That is your choice. Again there is no story here. What is so hard to grasp about this? Did the insuracnce company lie or try to defraus anybody?
Going a little more discrete here due to some of my opinions...
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
It's wrong and Prudential agrees...kalikraven wrote:They only make interest if you don't take the money out of the account. That is your choice. Again there is no story here. What is so hard to grasp about this? Did the insuracnce company lie or try to defraus anybody?
link
After accusations that several insurers have underpaid families of those killed in action, one company is considering changing how it allocates death benefit payments, Prudential Financial Vice Chairman Mark Grier told CNN.
Prudential may give families the option of accepting a direct lump-sum check, Grier said.
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
#1 . Why is she bitching about how stupid she is to write a check at the bank . She can cash it out and stuff her mattress full of the bills if she likes any time she likes.
I know its an insurance policy and when you purchase or are "given" a policy at work you have the option of naming anyone you want as beneficiary but naming mom as beneficiary because you don't have anyone else to name and then your mom cant even figure out how to cash a check is pretty God damned pathetic. Personally if my son died in a combat related situation I wouldnt want the money and I sure as hell wouldnt bitch about being too stupid to buy s--t with it. I'd probably just donate the money to a scholarship fund of dead soldiers kids.
I know its an insurance policy and when you purchase or are "given" a policy at work you have the option of naming anyone you want as beneficiary but naming mom as beneficiary because you don't have anyone else to name and then your mom cant even figure out how to cash a check is pretty God damned pathetic. Personally if my son died in a combat related situation I wouldnt want the money and I sure as hell wouldnt bitch about being too stupid to buy s--t with it. I'd probably just donate the money to a scholarship fund of dead soldiers kids.
Putting the laughter in manslaughter
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
You are correcting my grammar? That is just the icing on the cake right there. I couldn't have asked for a better post from you on this topic.f.2 wrote:I could correct your sentence grammer for you if you want. Let me know.ick wrote:What an example of government education system FAIL.
Add to your list of "uninformed opinion" your lack of knowledge of the use of the word "FAIL" on the internet.
Surprisingly I don't fault you for this uninformed opinion on the word FAIL. I don't hold others to an unreasonable standard... assuming that they would understand how such a twisting of the English language.... has become a part of a sub-culture.
However, let me say this. F.2. = spelling FAIL
It is Grammar, not grammer. Now THAT is hilarious. I could correct your SPELLING for you if you want. Let me know. I STINK at spelling but I do have a handy spell checker!
Now THAT was the funniest thing you posted. Critical of my grammer, LOL!!!!!! Crytykal of yor speling! LOL!!!!
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Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
I see..., it's an internet thing. Should've known.ick wrote:use of the word "FAIL" on the internet.
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
You know, that is a good analogy. I have no business correcting someone's "spelin' or grammer"... and I KNOW IT. I know I am uniformed and have a poor skill set in that area. I defer to those that can assist me with their knowledge, skill, and wisdom.
Given the obvious limitation that others may or may not have in this thread... I think an obvious pause for understanding for others with a certain level of knowledge or wisdom is also warranted.
Check this out though, the very title of this article and thread is totally false.
Fallen Soldiers' Families Denied Cash as Insurers Profit
Cash was never denied, ever. All funds available upon receipt of the packet. Did insurers profit from subsequent choices made by the beneficiaries? Sure, that is what they do. NOTHING was denied to families of fallen soldiers. In fact insurance companies went out of their way to provide options to the families. Now they have to navigate a PR nightmare because some reporter with an agenda has a falsification right in the title of the artice.
What a country.
Given the obvious limitation that others may or may not have in this thread... I think an obvious pause for understanding for others with a certain level of knowledge or wisdom is also warranted.
Check this out though, the very title of this article and thread is totally false.
Fallen Soldiers' Families Denied Cash as Insurers Profit
Cash was never denied, ever. All funds available upon receipt of the packet. Did insurers profit from subsequent choices made by the beneficiaries? Sure, that is what they do. NOTHING was denied to families of fallen soldiers. In fact insurance companies went out of their way to provide options to the families. Now they have to navigate a PR nightmare because some reporter with an agenda has a falsification right in the title of the artice.
What a country.
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Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
No, you should have tempered your attitude about correcting my grammEr without a spelling FAIL.f.2 wrote:I see..., it's an internet thing. Should've known.ick wrote:use of the word "FAIL" on the internet.
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Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
The article exposed an unethical practice and the VA negotiated the policy change with Prudential, who would do anything to not lose their SGLI contract.ick wrote:...Cash was never denied, ever. All funds available upon receipt of the packet. Did insurers profit from subsequent choices made by the beneficiaries? Sure, that is what they do. NOTHING was denied to families of fallen soldiers. In fact insurance companies went out of their way to provide options to the families. Now they have to navigate a PR nightmare because some reporter with an agenda has a falsification right in the title of the artice.
Your argument goes something like this..., chosing the retained asset account, the checkbook, is stupid and anyone doing it is either a cooky bitch or fucking idiots. Well, 87 percent of the families of our service members killed in action defaulted to the retained asset account checkbook. That's a bunch of fucking idiots.
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
Nooooooooo. The article says "she was denied fallen soldier funds" which is a lie. She had full access to all funds.
Just because she decided to not to decide doesn't make her an idiot, it is simply almost always an unwise financial choice. They had free choice to decide to do whatever they want for whatever reasons they wanted. Conciously choosing to do do nothing does not make someone an idiot... it simply means they CHOSE not to CHOOSE. That does not mean she was denied benefits because some furniture store was nervous about cashing a check they thought looked strange.
The fact remains she had full access to ALL funds immediately.
MANY people choose to leave the funds in this account for the very reason of it's features. The account can be used to assist in closing an estate, paying off loans, starting a college scholarship program at the fallen's local high school.... whatever. Generally the LAST thing the beneficiary wants is one massive check for $400,000. MOST families spend the time to set up family trusts for children or whatever... THEN once that is all set up the distribute the $402,000 (or whatever it has grown to) of funds from this account into the specific plan they have decided.
If the VA can get an extra 1, 2, 3% for veterans through honest sincere negotiations the GREAT. It is the free market. More power to them. The families of fallen soldeirs should get the best kinds of interest options that they can get.
As a matter of fact.... here is an idea. How about after someone dies and you get access to $400,000 why not seek someone's advice and actually get the extra interest ON YOUR OWN. You don't need the VA for that AT ALL!
Just because she decided to not to decide doesn't make her an idiot, it is simply almost always an unwise financial choice. They had free choice to decide to do whatever they want for whatever reasons they wanted. Conciously choosing to do do nothing does not make someone an idiot... it simply means they CHOSE not to CHOOSE. That does not mean she was denied benefits because some furniture store was nervous about cashing a check they thought looked strange.
The fact remains she had full access to ALL funds immediately.
MANY people choose to leave the funds in this account for the very reason of it's features. The account can be used to assist in closing an estate, paying off loans, starting a college scholarship program at the fallen's local high school.... whatever. Generally the LAST thing the beneficiary wants is one massive check for $400,000. MOST families spend the time to set up family trusts for children or whatever... THEN once that is all set up the distribute the $402,000 (or whatever it has grown to) of funds from this account into the specific plan they have decided.
If the VA can get an extra 1, 2, 3% for veterans through honest sincere negotiations the GREAT. It is the free market. More power to them. The families of fallen soldeirs should get the best kinds of interest options that they can get.
As a matter of fact.... here is an idea. How about after someone dies and you get access to $400,000 why not seek someone's advice and actually get the extra interest ON YOUR OWN. You don't need the VA for that AT ALL!
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Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
No, now you're being ignorant again. I've replied to this exact accusation two..three times now? Pull your head out of your ass. I've got my fingers crossed that your issue at this point is that your head is just up your ass and you're too enamored with media that would never falsify a story to open your eyes, because if you're really this stupid I hope the world has mercy on you. Unfortunately you'll fit in better than ick with society, because you refuse to think for yourself.f.2 wrote:Your argument goes something like this..., [grammatical error]chosing[spelling error] the retained asset account, the checkbook, is stupid and anyone doing it is either a cooky bitch or fucking idiots. Well, 87 percent of the families of our service members killed in action defaulted to the retained asset account checkbook. That's a bunch of fucking idiots.
CHOOSING TO KEEP YOUR MONEY IN THE ACCOUNT IT'S PROVIDED IN DOES NOT MAKE YOU ANYTHING. CHOOSING TO DO SO, THEN ACCUSING THE INSURANCE COMPANY OF RIPPING YOU OFF MAKES YOU A FUCKING IDIOT!!!! If you don't take responsibility for your money, I'd say you're unintelligent. If you don't take responsibility for YOUR money, then you defame someone else as a result of your inability to control your own life, YOU ARE A FUCKING MORON.
Did that clear up my point, or am I going to have to make it more blatant to beat it through your thick head somehow?
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
Failf.2 wrote:it's got legs...
Prudential has reportedly been talking with the Department of Veterans Affairs about the allegations. The Chairman and CEO of the company, John Strangfeld, stated ‘It is important that the beneficiaries of our fallen service men and women are treated with dignity and respect during a very difficult time.
They're talking with the VA. If they were ignoring questions from the VA, then I'd say we have a problem.
Is it not important that "...beneficiaries of our fallen service men and women are treated with dignity and respect during a very difficult time"?
Failf.2 wrote:Prudential said that beneficiaries of military life insurance policies can take a benefit in one of three ways: a lump sum check, a monthly payout over three years or keeping the money in a retained account with check writing privileges.
Over the past two years, Prudential said about 87 percent of the beneficiaries chose an retained account, 8 percent chose a lump sum payment with the remainder taking the three-year payout. About $3.1 billion of the $260 billion in assets it manages are in retained accounts, the company said.
Oh no! They're giving them a choice? F--k that!
Most of them choose the managed account with a checkbook? The horror!
Failf.2 wrote:Prudential Insurance Co. of America was sued over claims it earns interest of more than 5.69 percent on veterans’ life-insurance policies and pays beneficiaries only 1 percent...
Anyone can be sued. Let me know what the outcome is...
"And by the way, if you're gonna take up a hobby of letter writing, you might want to learn how to spell "writing" you stupid F--k." - Nighthawk re kwikrnu
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
No, the problem is that someone said the family of a fallen soldier was being taken advantage of, and from that point forward, you have disengaged your brain.f.2 wrote:Cheetah wrote:The problem is the default to the companies benefit. Taking advantage of fine print and people overcome by grief to make a few more bucks. Unacceptable to me, so I disagree.
NOBODY IS BEING TAKEN ADVANTAGE OF HERE!
Think about it. (I know that's asking a lot, but bear with me for a moment)
If they wrote her a check, and she sat on it for 6 months, what would she have today? $400,000. In the case of sending her a check, do you think Prudential, or any other insurance company, or any company in any industry, wouldn't be earning interest on money that has been committed to someone else, but is sitting in their account?
If she immediately cashed that check and deposited the money in her own savings account, would her bank say "Ooooh, that's SGLI benefit money from a fallen soldier. We better pay her 10% interest on it and not lend it to anyone else or try and earn a profit on it ourselves." No, they would pay her the lowest interest rate they could get away with while still keeping her as a customer, and lend that money out to someone else for a higher interest rate.
Tell me, do you earn interest on your checking account? If so, when you write someone a check, do you tell the bank to stop paying you interest on that money because it isnt' yours anymore? Or, better yet, do you instruct the bank to forward any interest that you would have earned on that money to the person you wrote the check to until they cash that check?
Also, the fact that Prudential might be changing its policies, doesn't mean they thought the practice was wrong. It means they are a business and they do what they think will be in the best interest of their earning a profit in the future. If some people don't engage their brains when they read articles like these, they know that could have an impact on their business in the future. So they do what's in their best interest, they change the policy to appease the media and the brainless lemmings that believe everything they read in the news.
Mark Twain had an interesting view on newspapers: "If you don't read the newspaper, you're uninformed. If you read the newspaper, you're mis-informed."
"And by the way, if you're gonna take up a hobby of letter writing, you might want to learn how to spell "writing" you stupid F--k." - Nighthawk re kwikrnu
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
From one of the first posts in this thread, I predicted what would happen. Prudential knows they were caught with their hand in the cookie jar. I'm satisfied with this outcome. How about you guys? Need a chill pill?f.2 wrote:lol The Silencertalk insurance lobby is alive and well.
The VA is looking into this and I'd bet they change the default payment method for SGLI families of fallen Veterans.
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
Don't worry, the evil rich boogie man of business will figure out a way to get your money too. I know so because I read it in the newspapers. Please ignore the 30 years of established successfull industry practice of the exact same process for millions of death claims. I am certain your emotional response will be validated further shortly. There certainly is no shortage of lemmings now is there?
Your change means nothing. What are the going to do, force them to artificially increase the interest rate? FORCE them to regulate the accounts and FORCE them to purchase FDIC insurance? Who do you think is going to absorb those costs? It will simply be passed on to the consumer. Here is some additional grammEr for you to correct....... Grasp of financial concepts FAIL.
We can only hope that the goverment will hold everybody's hand, because the government knows best.
Here is some short reading for you....
Personal accountability FAIL.
Your change means nothing. What are the going to do, force them to artificially increase the interest rate? FORCE them to regulate the accounts and FORCE them to purchase FDIC insurance? Who do you think is going to absorb those costs? It will simply be passed on to the consumer. Here is some additional grammEr for you to correct....... Grasp of financial concepts FAIL.
We can only hope that the goverment will hold everybody's hand, because the government knows best.
Here is some short reading for you....
Personal accountability FAIL.
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Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
Prudential sure knows how to defuse a situation. Immediate action turns this into a non-situation. Kudos to Prudential.
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
You predict the future now, too?! Can you tell me where I'll be in 10 years?f.2 wrote:From one of the first posts in this thread, I predicted what would happen.
You assumed this might go a certain way, now that there's talk of it going that way, and your brilliant and psychic self predicted it - NOW I'm with you..That all means that the dumb(/cooky/stupid/fucking retarded) bitch mom was correct in her accusations, and that the writer of the article you originally linked wasn't completely off base in what he wrote, which is what this thread has been debating. But you solved that by predicting the future. Kudos to you.
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
Nice. You forgot cunt.Cheetah wrote:...That all means that the dumb(/cooky/stupid/fucking retarded) bitch mom was correct in her accusations...
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
edit: never mind.Cheetah wrote:You predict the future now, too?! Can you tell me where I'll be in 10 years?
Last edited by f.2 on Mon Aug 02, 2010 7:48 pm, edited 1 time in total.
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
I had to think for a bit on who you were referring to. Yeah, those numbskulls at the VA, run by that ex-4 star General Eric K. Shinseki. What the hell does he know, right? A pox on all of their decisions affecting Veterans.ick wrote:We can only hope that the goverment will hold everybody's hand, because the government knows best.
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
Here is some food for thought F.2.
You are missing the point.
"Life is not accountable to us.
We are accountable to life."
Denis Waitley
"Accountability breeds response-ability."
Stephen R. Covey
"I am responsible. Although I may not be able to prevent the worst from happening, I am responsible for my attitude toward the inevitable misfortunes that darken life. Bad things do happen; how I respond to them defines my character and the quality of my life. I can choose to sit in perpetual sadness, immobilized by the gravity of my loss, or I can choose to rise from the pain and treasure the most precious gift I have – life itself."
Walter Anderson
"We are accountable for our decisions in our personal life [caveat, this is NO LONGER true in our country] so why shouldn't we be just as accountable in our work life."
Catherine Pulsifer
"We are accountable only to ourselves for what happens to us in our lives."
Mildred Newman
"Thinking well is wise; planning well, wiser; doing well wisest and best of all."
- Persian Proverb
"Culture is not just an ornament; it is the expression of a nation's character, and at the same time it is a powerful instrument to mould character. The end of culture is right living."
- W. Somerset Maugham
"There is only one real failure in life that is possible, and that is, not to be true to the best one knows."
- Farrar
"It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities."
- Sir Josiah Stamp
"It is not only what we do, but also what we do not do, for which we are accountable."
- Moliere
"Don't get up from the feast of life without paying for your share of it."
- W. R. Inge
"A people that values its privileges above its principles soon looses both."
- Dwight D. Eisenhower
"A man's treatment of money is the most decisive test of his character - how he makes it and how he spends it."
- James Moffatt
...and my personal favorite which I think describes EXACTLY the economic situation we have created... which is the result of bad government, fannie/freddie, governemnt regulations forcing banks to make poor loan choices, banks making poor choices, people being financially irresponsible.... and on and on....
"No snowflake in an avalanche ever feels responsible."
- George Burns
Don't depend on the government to right all your wrongs, they will not. In fact government is invariably almost always the cause. Don't depend on the government to do everything for you for invariably this leads to slavery and loss of liberty.
You are missing the point.
"Life is not accountable to us.
We are accountable to life."
Denis Waitley
"Accountability breeds response-ability."
Stephen R. Covey
"I am responsible. Although I may not be able to prevent the worst from happening, I am responsible for my attitude toward the inevitable misfortunes that darken life. Bad things do happen; how I respond to them defines my character and the quality of my life. I can choose to sit in perpetual sadness, immobilized by the gravity of my loss, or I can choose to rise from the pain and treasure the most precious gift I have – life itself."
Walter Anderson
"We are accountable for our decisions in our personal life [caveat, this is NO LONGER true in our country] so why shouldn't we be just as accountable in our work life."
Catherine Pulsifer
"We are accountable only to ourselves for what happens to us in our lives."
Mildred Newman
"Thinking well is wise; planning well, wiser; doing well wisest and best of all."
- Persian Proverb
"Culture is not just an ornament; it is the expression of a nation's character, and at the same time it is a powerful instrument to mould character. The end of culture is right living."
- W. Somerset Maugham
"There is only one real failure in life that is possible, and that is, not to be true to the best one knows."
- Farrar
"It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities."
- Sir Josiah Stamp
"It is not only what we do, but also what we do not do, for which we are accountable."
- Moliere
"Don't get up from the feast of life without paying for your share of it."
- W. R. Inge
"A people that values its privileges above its principles soon looses both."
- Dwight D. Eisenhower
"A man's treatment of money is the most decisive test of his character - how he makes it and how he spends it."
- James Moffatt
...and my personal favorite which I think describes EXACTLY the economic situation we have created... which is the result of bad government, fannie/freddie, governemnt regulations forcing banks to make poor loan choices, banks making poor choices, people being financially irresponsible.... and on and on....
"No snowflake in an avalanche ever feels responsible."
- George Burns
Don't depend on the government to right all your wrongs, they will not. In fact government is invariably almost always the cause. Don't depend on the government to do everything for you for invariably this leads to slavery and loss of liberty.
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- kalikraven
- Elite Member
- Posts: 2944
- Joined: Thu Jul 06, 2006 4:48 pm
- Location: Florida
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
There never was a story to begin with.
Going a little more discrete here due to some of my opinions...
Re: Fallen Soldiers' Families Denied Cash as Insurers Profit
Yeah, I know your stance. Ad nauseam. F--k the Veteran families.ick wrote:Here is some food for thought F.2.