Word: banking
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...traumatic day for financial firms - Lehman Bros. declared bankruptcy, Bank of America swallowed Merrill Lynch, and AIG scrambled to prevent becoming the next casualty. What does it all mean to you? Here are some questions worried investors and homeowners might be asking...
...step in. If that happens, there's a chance you won't immediately be able to cash out your policies, at least not without incurring a penalty. That's a tactic regulators might use to prevent everyone trying to cash out at one time - like a run on the bank, says Dave Evans, a CFP and senior vice president, Independent Insurance Agents & Brokers of America...
Each state runs guarantee funds for insurance policies, similar to what the Federal Deposit Insurance Corp. does for bank deposits. Every state differs in what they guarantee, but most states set basic limits of $300,000 in life insurance death benefits, $100,000 in cash surrender or withdrawal value for life insurance, $100,000 in withdrawal and cash values for annuities, and $100,000 in health insurance policy benefits, according to the National Organization of Life and Health Insurance Guarantee Associations. The state where the policy was written determines the jurisdiction...
...still have one; and with the same name. Merrill Lynch has nearly 17,000 financial advisors between its retail brokerage and wealth management units. That's part of what attracted Bank of America - B of A CEO Ken Lewis called it "the crown jewel of Merrill Lynch" - so chances are, your broker isn't going anywhere, and he or she will try to make sure that you don't either. B of A plans to keep the Merrill name and organization intact...
...Bank of America has about 2,000 of its own financial advisers, and a system in place to connect those planners with the bank's other customers, like those with savings and checking accounts. That infrastructure will be ramped up to accommodate the new Merrill advisers. So if you've got an account at B of A, get ready for the upsell...