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Death-benefit accounts seem to slight survivors
The New York Times: The package arrived at Cindy Lohmans home in Great Mills, Md., just two weeks after she learned that her son, Ryan, a 24-year-old Army sergeant, had been killed by a bomb in Afghanistan. It was a thick envelope from Prudential Financial Inc., which handles life insurance for the Department of Veterans Affairs.
Inside was a letter about her sons $400,000 policy. And there was something else, which looked like a checkbook. The letter told Ms. Lohman that the full amount of her payout would be placed in a convenient interest-bearing account, allowing her time to decide how to use the benefit. In tiny print, in a disclaimer that Ms. Lohman said she did not notice, Prudential disclosed that what it called its Alliance Account was not guaranteed by the Federal Deposit Insurance Corporation, according to a report in Bloomberg Markets magazine.
