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Kentucky Central Life Insurance
Agents get Millions from Kentucky Central Life Insurance
Kentucky Central Life Insurance Company was licensed in over 45 states and they offered customers whole life insurance policies, term life, accident insurance, health insurance, and universal life insurance. The life insurance company, Kentucky Central Life Insurance was put under reformation in early 1993 and then the life insurance company was liquidated in August of 1994. Former life insurance agents of Kentucky Central were given $9 million in deferred payments owed to them for previous work. The total amount of money given to former agents and other creditors was $40 million and was dispersed by the Kentucky Central Life Insurance estate. In the end of 2007, Kentucky Central Life Insurance Company went completely out of business.
The Jefferson-Pilot Life Insurance Company gained control of the Kentucky Central Life Insurance Company in May of 1995. Policyholders from Kentucky Central Life Insurance Company were transferred to The Jefferson-Pilot Life Insurance Company. As life insurance policies of a company who shut down are usually transferred to a company that’s financially sound. If the policy did not get transferred, there are two things that may happen. The policies are continued and claims are administered through guaranty associations or a third-party working on behalf of the guaranty associations. Policyholders should contact Jefferson-Pilot Life Insurance to find out detailed information about the policy and what is happening to it.
Guaranty association coverage is based by the state you are covered in. Policyholders could also contact their specific state guaranty association with concerns and questions about their policies. The Kentucky Central Life Insurance Company paid roughly 16.5 million dollars to guaranty associations for their support to the accounts of former policyholders.