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Retained Asset Accounts Explained
We’ve all read recent headlines about the use by life insurance companies of Retained Asset Accounts to pay life insurance benefits to beneficiaries. The insurance company sends a “checkbook instead of a check” and the proceeds are held for the beneficiary in a Retained Assets Account. The Retained Assets Account article that caused the headlines quotes Gerry Goldsholle at length on Retained Assets Accounts.
To help the public understand how Retained Assets Accounts were intended to operate, we’ve included some videos explaining Retained Assets Accounts from the person who invented them, Advocate Law Group’s managing shareholder, Gerry Goldsholle. Although he now works as a lawyer for exclusively for policyholders and beneficiaries, Gerry invented the Retained Asset Account concept in 1983 when he was an executive at the largest life insurance company in America. (He also chaired an insurance committee of the American Bar Association, the nation’s largest lawyer’s group, and the California State Bar.)
In the videos Gerry explains that Retained Asset Accounts programs were designed to create a win-win situation for beneficiaries and the insurance companies. Properly designed and operated, a Retained Assets Account can increase beneficiaries’ choice and get beneficiaries access to all or any part of their money much faster than a single check. A Retained Asset Account also should pay a higher rate of interest than national averages of bank and money market fund rates, and be fully guaranteed by the life insurance company that paid the benefits, and backstopped by each of the 50 states’ Life Insurance Guarantee Funds, just as the FDIC insures bank deposits. He explains how insurance companies do make money on Retained Assets Accounts, just like banks make money on bank deposits. He also explains how some companies may have corrupted an outstanding innovation.
Gerry Goldsholle’s decades as both an insurance company executive and insurance lawyer and his national stature as an insurance expert, is just one reason you’ll want the lawyers at Advocate Law Group, and in the Advocate Law Group network, to assist you if a claim has been wrongly denied. Our teams of lawyers have recovered hundreds of millions of dollars from insurance companies that improperly denied or delayed paying valid claims, or otherwise acted in bad faith.
When insurance companies act improperly or outrageously — whether by not operating Retained Assets Accounts fairly, or not paying valid claims — we go after them. The Retained Asset Accounts concept was intended to help people, but if you or anyone you know has been harmed or disadvantaged as a result of a Retained Assets Account, please contact the lawyers at Advocate Law Group immediately for a free initial consultation. Advocate Law Group’s partners and network attorneys know how to fight big insurance companies and insurance company lawyers.
Watch the videos by Gerry Goldsholle on the pros and cons of Retained Assets Accounts.