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November 18, 2008 / Author: Tim Bain

Life Insurance Companies Apply for CPP Funds

QuickQuote Term Life Insurance Blog

Life insurance companies appear to be lining up to participate in the Troubled Asset Relief Program (TARP). Several companies have applied to receive funds under the Capital Purchase Program (CPP) to bolster their capital positions. Most have indicated they do not currently need the funds, but rather they are taking advantage of the loan program in case conditions within the credit and stock markets continue to deteriorate.

Life insurance companies that have indicated potential participation in the program include Hartford Financial, Lincoln National, Genworth Financial and Principal Financial Group, as well as many banks and other financial institutions.

The program has already shown the unexpected benefit of positioning strong companies as acquirers of their weaker competitors. Some have used CPP funds solely for this purpose. Others are using the funds to pad their capital accounts.

Either way, it is becoming evident that a company’s use of the program is not necessarily an indicator of financial weakness. And thus, we should be careful to not rush to judgment on the life insurance companies with plans to participate in the program. Most remain excellent choices for life insurance coverage.

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Tim Bain

Tim is a licensed life insurance agent with 21 years experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites. You can find him on Twitter.

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Applications for life insurance on QuickQuote.com are made through QuickQuote Financial, Inc. or through its designated agent, Timothy S. Bain, only where licensed and appointed. License numbers are available here and are automatically provided where required by law. QuickQuote's National Producer Number is 1927227. Timothy S. Bain is a licensed life insurance agent in 49 states, including the District of Columbia, and his resident state of Nevada. Timothy S. Bain's Nevada license number is 45949; in California, 0D23811; in Louisiana, 274924; in Massachusetts, 1762164; in Minnesota, 20267005; in Texas, 1092088; and in Utah, 134031.
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