shenandoah life insurance company

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PostPosted: Sat Mar 14, 2009 10:49 am   Post subject: shenandoah life insurance company  

I was recently contacted for life insurance by an old friend who is currently an agent with shenandoah life insurance company. The plans sound good but I've also heard that things went really bad with the company in the present market crisis.



Its difficult to decline a friend but at the same time I don't want to waste my money as well. Any suggestions? Is it or is it not right to purchase policy from shenandoah life insurance company?


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PostPosted: Sat Mar 14, 2009 10:56 am   Post subject:   

Treat it as you would anything else, as if a complete stranger was selling you the product. You should not mix up a freindship and business anyway, it could turn out very sour.



Express that concern with your friend also, let them know that you don't feel comfortable dealing with business and your personal life (your friendship) could be jeopardized by it and that you value your friendship too much to put it at risk.



If the company is not doing well, then it may sink anyway, you, one customer can not keep that from happening. Goodluck, hard boat to be in.

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PostPosted: Sun Mar 15, 2009 4:27 pm   Post subject: Shenandoah Life  

Their in receivership and not taking new business now.


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PostPosted: Tue Mar 17, 2009 12:12 pm   Post subject:   

You are right, guest. The shenandoah life insurance company is in receivership. This old and one time strong company has faces a severe setback given the current market situation. The receiver would decide whether Shenandoah qualifies for the rehabilitation program or it’d be of best interest to liquidate the company.



I know its hard to say no to a friend but you may also don’t want to put the future at risk. Goodnatured is right, let your friend know your concerns.

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PostPosted: Fri Mar 20, 2009 1:44 pm   Post subject:   

Since the company is in receivership, you have no choice but to tell your friend no (see how good some things work out sometimes?)



But even if it wasn't you HAVE to stick to your gut feelings about things. Yourself won't steer you wrong (Hahaha!) If she were your true friend, she would respect your feelings and decisions about things, and wouldn't become upset and hostile. She probally knew the Company was not doing so well, and tried to reach out to anybody she knew. So if she became upset and mad at you, you should really look at your relationship between you and your friend.



But i wish your friend luck in finding new buisness ventures.



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PostPosted: Sat Apr 04, 2009 5:00 am   Post subject:   

if the friend is trying to sale you a policy from Shenandoah, the friend is in violation of the receivership orders.


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PostPosted: Sun Apr 05, 2009 1:50 pm   Post subject:   

I have some other thought on this



One need to keep the friendship as well as one's personal interest intact so in order to do that....



1.you first explain the company's statastics about the current situation to your friend and rather prove him that how difficult it will be for your own future to risk one's amount with the company which is already in receivership.

2. If he is an independant agent then purchase any policy from him of another good standing company. If he is captive then explain him that there will be no business for him if he stuck up with the Shenandoah and tell him to change to any other insurance company of his choice which is in good standing and then purchase policy from him with that new insurance company.



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PostPosted: Sat Apr 11, 2009 2:29 pm   Post subject: Is my money gone or what?  

I found this forum by Googling the phrase "protect yourself life insurance receivership". I found out a few days ago that Shenandoah Life Insurance has been placed in receivership by the Commonwealth of Virginia. My whole life policy has a cash value of about $12,900. This, I understand, is essentially frozen and I cannot get it. I'm, of course, upset by this whole matter. I'm a single parent and sole support for my kids. This was my major savings account and now it may be gone. I'm trying to learn what this receivership means to me. Is the cash value of my policy gone? The policy was originally sold to me with that cash savings accumulation as a major selling point. If Shenandoah is picked up by another company or liquidated will I be able to get my money out? Any comments or advice would be appreciated.

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PostPosted: Sun Apr 12, 2009 11:15 am   Post subject: hi  

look according to insurance act of any country insurance company have to preserve a sum of amount to save customers worth means money.

if your freind want to sell you the policy and you trust him i dont think their is any problem. because your freind is your agent and he will service you better than anyone unknown to you

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PostPosted: Wed Apr 15, 2009 10:35 am   Post subject:   

Quote:
My whole life policy has a cash value of about $12,900. This, I understand, is essentially frozen and I cannot get it.




What i presume about your definition of cash value is 'total premium paid to Shenandoah Life Insurance ----minus ---- policy maintenance charges.



What happens whenever any new company takes over the older one then they take their liabilities as well as assets.



So in this particular case you won't find any difficulty to get back your accumulated cash value if govt sells out Shenandoah's business to some profit making insurance company.



Then surely in this case you can hope to get all the principal amount back which you consider as a savings account.



I hope you and all those who are suffering from this type of problems will get their hard earned money back as soon as govt hand it over the business of Shenandoah to some reputable firm.(there are some !!! i am not pointing to AIG!!!) WinkWink


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PostPosted: Wed Apr 22, 2009 9:29 pm   Post subject: Shenandoah Life  

SBoyd....other insurance companies that are still in business are supposedly interested in buying or taking over Shenandoah's business. If and when that happens your money will be there for you.



As long as their not liquidated, you'll be okay with being able to get your money/cash value.


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PostPosted: Wed Apr 22, 2009 9:30 pm   Post subject: Shenandoah Life  

SBoyd....other insurance companies that are still in business are supposedly interested in buying or taking over Shenandoah's business. If and when that happens your money will be there for you.



As long as their not liquidated, you'll be okay with being able to get your money/cash value.


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PostPosted: Wed Apr 22, 2009 11:58 pm   Post subject:   

Quote:
What i presume about your definition of cash value is 'total premium paid to Shenandoah Life Insurance ----minus ---- policy maintenance charges.



What happens whenever any new company takes over the older one then they take their liabilities as well as assets.



So in this particular case you won't find any difficulty to get back your accumulated cash value if govt sells out Shenandoah's business to some profit making insurance company.



Then surely in this case you can hope to get all the principal amount back which you consider as a savings account.



I hope you and all those who are suffering from this type of problems will get their hard earned money back as soon as govt hand it over the business of Shenandoah to some reputable firm.(there are some !!! i am not pointing to AIG!!!)




Amit, that is not the definition of cash value. "Cash value" is really a misnomer. The correct terminology is "cash surrender value". This is the amount of money that one would get from the insurance company if they were to surrender the policy. Based upon your definition, the cash surrender value would always have to be less than the premiums paid and this simply isn't the case.



The death benefit of the policy will certainly be safe. It is not definite that the cash surrender value will be safe.



Amit, please don't take it personally that I point out that you are incorrect.
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PostPosted: Thu Apr 23, 2009 10:37 am   Post subject:   

Hi Sboyed, I can understand your frustration and there are many like you who are at lost with the developments in Shenandoah Life. Your cash-value with the policy is safe. Only that the Deputy Receiver has imposed certain restrictions upon paying out claims and cash value. But you may continue paying premium on the policy since non-payment would let the policy lapse.



Let us know if we can be of more help.

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PostPosted: Thu Jun 04, 2009 11:20 pm   Post subject: RECEIVERSHIP  

The last I heard on Shenadoah Life they were is Receivership, meaning the company was merging with another company. At that time they were not taking any new business.

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