1993 my husband and I met and married.in 1999 we got into a financial bind and my husband decided to sell 10 future years of his annuity that he was receiving for the rest of his life. He called a company. To began the paperwork process who then turned it over to a company called Settlement Capitol. And now here is details how thing transpired.
My husbands monthly annuity check thru * was $1,000 he/we decided to sell only a portation of his monthly check. Now, because the 20 yr guarantee on his annuity was already up he/we were instructed to take out a life insurance policy to cover the buy out. The buy out was set up as follows: $600.00 a month for 10 years equaling to $72,000. (but please understand this is not what we were going to receive).
So we called our insurance agent and told him what we wanted to do and why, he gave us the quote on cost as we had ask if it be possible to pay the policy in full when we took it out, he contacted the Insurance Co. For approval and also said that my husband would have to have blood work done since it was for 100K, and a nurse would come to see my husband to take the blood samples along with a health questionnaire, So we took out the 10 yr term policy for $100,000.00 ($28,000.00 more than needed for the buy out totaling $72,000.00) because we felt that if for some reason something happened to my husband right after the paperwork was all signed and sealed they (Settlement Capitol) would get their money (as we new they would be made primary beneficiary and myself - being his wife. Secondary beneficiary receiving the remaining $28,000).
This went on for 8 yrs. October 25th my husband passed away leaving 22 months left in the buyout for a total left owing them, $13,200. I immediately called Settlement Capitol to inform them of my husbands death as his * check immediately stopped. I sent them a copy of his death certificate for proof. Several days later I was informed that I would not be receiving any monies from the insurance policy as They were apparently made owners of the policy, and that the only way I would receive any monies is if they had went out of business before my husbands death. So "they" not only got their money. Which was fine but "they" also got all the rest of the insurance money...
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