Leave it to vote seeking politicians on the left to create a problem that never exited. Especially when a financial institution is the target.
For years life insurance companies have placed life insurance proceeds into a money market type account at interest if the beneficiary did not ask for a lump sum right away. Many folks do not want large sums right away. They haven’t fully decided their investment options.
For another reason, these days of “easy money” the insurance companies pay a little more interest on such accounts, more than banks do.
But politicians on the Left always need a scapegoat and a financial institution always suits the purpose. After all, why should life insurance companies profit by holding insurance proceeds?
Left-leaning politicians prefer bailing out bankrupt private companies or having them thereby lose private workers.
But they do want more employment They love to hire government employees.
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