What’s the latest on CAP or College Assurance Plan, the failed pre-need firm that left millions of Filipino pension and educational plan holders with nothing when it went down several years ago?
That’s what a few PMT members want to know in the discussion thread CAP Insurance, any experience?
Member foolcha said that CAP Pension is still liquid with enough assets in cash while the CAP Educational Plan has assets but are mostly illiquid, which means they cannot be easily converted to cash. Both CAP Pension and CAP Educational Plan are being managed by a trustee under the supervision of the Securities and Exchange Commission (SEC).
Another member, Langerhans, shared that a friend supposedly was able to get small amounts of refund on a staggered basis from CAP. Unfortunately, no additional details were provided.
Were you a CAP policy holder? How did you cope with the collapse of this pre-need firm? Have you received any refund or repayment for your policy? Or do you have any official updates on CAP?
Join the discussion here: CAP Insurance, any experience.