Merrill Lynch Holding “Fire Sale” in Illinois funeral mess-YourFuneralGuy.

16 Jun
The Illinois Funeral Directors Association preneed scandal has brought great grief to the folks in Illinois.

The Illinois Funeral Directors Association preneed scandal has brought great grief to the folks in Illinois.

Merill Lynch(MLBT) is holding a “Fire Sale of IFDA Preneed Trust Life Insurance Policies.”  This is another factor in the demise of the Illinois Funeral Directors Association.  As the trustee of the assets of the IFDA Preneed Trust, Merrill Lynch has  the right to do thi:. Hold the fire sale and cash out the life insurance policies involved.

The more the Illinois Funeral Directors Association preneed policy mess spirals out of control the more the consumers will pay in raised funeral prices. New problems for the going to the grave IFDA appear each week.

According to the State Journal Register 06.15.09.

“Rather than risk getting no money at all, the trustee{Merrill Lynch} for a troubled pre-need funeral fund is surrendering life insurance policies for cash value, worsening already steep losses in a fund that’s supposed to pay for funerals for more than 40,000 people in Illinois.”

In it’s amended lawsuit the six Illinois funeral directors suing the IFDA named some of the insurance companies whose policies are being written down. The argument here is that there is no insurable interest for the IFDA in the lives of the funeral directors lives covered. Insurable interest is the responsibility of the the insurance company selling the policy.

The Illinois Funeral Directors Association Scandal Continues to bring great loss and grief to the State of Illinois.

Your Funeral Guy

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