PRE-NEED INDUSTRY WATCH
14 May 2009 9:00am
I just finished talking to Mr. Leopoldo Cisneros to ask explicit permission to publicize his CAP experience here. Early yesterday morning, I received this email message from Leopoldo, a father who has had problems collecting educational plan benefits from CAP. This is what he said:
With Legacy, Prudentialife, Permanent Plans and other troubled pre-need companies hogging the headlines today, it is easy to forget that before all of these, there was College Assurance Plan or CAP.
In order to help Poldo, I had to know more about the status of CAP. A Google search led me to several sites, one of which is the CAP website itself. This is a screenshot of its website's home page:
I was pleasantly surprised to read this line:
List of CAP Planholders with Unclaimed Checks
When I followed the link, List of CAP Planholders with Unclaimed Checks, it appears to be true that there are indeed unclaimed checks of CAP planholders. If you're one of those whose name is on the list and haven't collected your check, what are you waiting for?
Unfortunately, there is no Cisneros in the list. After posting this, I will call up the SEC to get a better idea how Leopoldo Cisneros can collect his P22,000.00.
Louie, Poldo's son and the beneficiary of the CAP educational plan is now in his graduating year at a college in Northern Samar. Meanwhile, Poldo has collected NOT a single centavo from his investment. He told me that he paid for the plan for a period of five (5) years through salary deductions while he was still working for a construction company years ago when Louie was still a very young boy. To some, P22,000 may not seem like much but for Poldo, this is hard-earned money that his family can use right now.
More on this when I return.
If you have an experience similar to Mr. Leopoldo Cisneros or any concern related to the pre-need industry, you may post your comments here or email me at firstname.lastname@example.org.