At McGuire Insurance Agency, we know that choosing a life insurance plan is one of many important factors to consider. It takes days for life insurance companies to behave, distorting the language of policy and fabricating false facts to deny you contractual payouts to your beneficiaries.
One example is that millions of premiums paid by customers to the Kentucky company were not paid to the company and, as it turned out, were never paid again after the company was liquidated.
Kentucky Central's association with the Webb brothers was not the only financial misstep; the Bank of Louisville also received loans from other prominent central Kentucky figures, including former Kentucky governor Wallace Wilkinson and his wife. One of them, former Louisville businessman and Kentucky Senator William "Bill" Wilkinson, was responsible for founding the Kentucky Central Insurance Company and buying a large portion of its shares. The Bank and its subsidiary, Louisville Bank and Trust Company, also receive loans at interest rates well above market rates. Wilkinson and his wives also failed to make payments on industrial bonds used to build a condo in downtown Lexington where Kentucky Central was a guarantor.
On 12 February 1993, the Kentucky Department of Insurance seized Kentucky Central and, after a full investigation, determined that the company was insolvent and in default.
Most of KCL's industrial life insurance was transferred to Liberty Life Insurance Company. In May 1995, Jefferson Pilot Life Insurance Company took over all remaining business power (see below).
There are two main types of life insurance: term and life insurance, and both are covered for the life of the policy. Life insurance covers the first 10 years of a person's life and the end of their life, while life insurance covers the whole life or part of your life or the whole life of a person or group of people or groups over the whole life. The company has a portfolio consisting of participating holistic policies and their products, which includes both maturity products and tiered premiums for - whole life products.
Life insurance premiums are generally affordable and provide financial protection to friends, family and businesses that depend on them. However, taking out life insurance can reduce the death benefit, which could have a negative impact on the beneficiary. The advantage of comprehensive insurance is that premiums are usually the same for the duration of the policy. Term policies are term policies, which means that the death benefit remains the same during the term of a policy, but they can be subject to a shortened term, which means that it decreases over the term of your policy.
Indeed, this is exactly the situation that happened recently to a woman named Jean, who was unable to take out life insurance for her husband Robert worth $500,000. Shortly after Robert's death, Jean began making claims for his life insurance's death benefit. Beshear's law firm Stites & Harbison has been appointed to act as liquidator for Robert and his family, along with liquidators Donald Stephens, who is the state's insurance commissioner.
In 1963, Kincaid announced that he would move the company to Lexington, Kentucky, to consolidate its operations in Louisville, Indiana, and he trusted Webbs to realize his vision of a modern downtown Lexington. Stites & Harbison had already represented Bank of Louisville's holdings, which included millions of dollars in securities that were put into loans to Kentucky Central in complicated real estate deals. The two parties entered into a series of transactions, many of which were backed by loans from Kentucky Central. This began to strain Kentucky Central in the late 1980s and began to collapse in the early 1990s.
If you still want life insurance, you may need to convert your policy into some kind of permanent life insurance policy. Your insurance specialist at McGuire Insurance Agency will review your current life and insurance situation and help you design a policy that is planning for the future. There are different payouts for different types of policies in different states, so look for a new policy.
Your representative at Cambridge Insurance can advise you and help you choose the policy that best suits your individual needs and objectives. Below is a list of the best life insurance policies sold in the Lexington, Kentucky area. Call the Kentucky Department of Insurance and read the specific requirements for your license type. To help you with the examination and scheduling, we provide you with a free copy of our license application and application form.
Come to the right place to offer your license that will help you purchase the best life insurance in Lexington, Kentucky and other parts of the state.
Our expert team of insurance experts will guide you through the process and are determined to provide you with the best insurance solution that will give you and your family the security they deserve. We will thoroughly review your situation and give you honest advice based on our many years of experience fighting with life insurers. There are many things to consider when taking out life insurance. Changes in your life situation can reflect changes in insurance requirements and can be reflected in a change in your life situation.