disclosure that that account is not in a bank and not fdic insured very much like you are getting bank account. in the course of my reporting, i got a revised june 2010 document from met life talking about what they call the total custom, total control settlement option. it says right here, not a money market account. they added caveats that didn t exist previously such as it s not fdic insured, the money is not held in a bank. it s held in met life general account. and it s subject to the claim of met life creditors. and there is a disclosure that met life can make a profit from the assets. the money is not leaving the general corporate account and life insurance companies. they re keeping the money, earning 4-5% on the case of the survivors of soldiers, veterans and federal employees they re paid out a half of 1%. there is a big spread there paid out and folks don t realize that the money is not
discover it as well. it actually extends far beyond the soldiers families who receive the checkbooks. there are 130 life insurance companies across the company. they have a million of the death benefit accounts where folks often times believe the money is being help in a bank. there is $28 billion in the account that is not fdic insured and not a bank. it s the largest group life program in the country. what i discovered is the materials are misleading, because the page 202 of the federal handbook that the government employees get, the federal government employees says your survivors will automatically receive a money market account checkbook. then when you die, survivors get a document that says we will automatically open a money market account in your name. well, that sounds without any