Move It

Yesterday, my wife heard an article on NPR about people who get money from insurance companies as payouts, and the insurance company offers to hold the money in an interest bearing account. People usually say yes. Today, I read an article in the Washington Post about a woman who got such a notice from an insurance company after the death of her son, and she said yes, too. Then she realized that this substantial sum was under the control of the insurance company, which a) gave her one percent per year, while earning about four and a half percent on it, and b) did not insure the account. FDIC didn't either.

We looked at each other. Isn't the account with the payout from my mother's life insurance that kind of arrangement?

We just closed that account and transferred the money to an insured one at our bank.