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This Business is not BBB accredited

Senior Care Plus, Inc.

Additional Locations

Phone: (901) 381-4808 View Additional Phone Numbers 7200 Goodlet Farms Pkwy., Ste. 101, Cordova, TN 38016

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Description

This company offers MEDICAE SUPPLEMENTS, LIFE INSURANCE, ANNUITIES & VIATICAL SETTLEMENTS..

BBB Accreditation

This business is not BBB accredited.

Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

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Reason for Rating

BBB rating is based on 16 factors. Get the details about the factors considered.

Based on BBB files, this business has a BBB Rating of No Rating. The reason is as follows:

  • BBB does not have sufficient information to issue a rating on this business.


Customer Complaints Summary

0 complaints closed with BBB in last 3 years | 0 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 0
Billing/Collection Issues 0
Delivery Issues 0
Guarantee/Warranty Issues 0
Problems with Product/Service 0
Total Closed Complaints 0

Additional Complaint Information

THE BETTER BUSINESS BUREAU'S REPORT ON SENIOR CARE PLUS IS DIVIDED INTO TWO PARTS. THE FIRST PART OF OUR REPORT WILL ADDRESS THE COMPANY'S INSURANCE PRODUCTS AND THE SECOND PART WILL ADDRESS THE COMPANY'S SALE OF VIATICAL SETTLEMENT CONTRACTS. ACCORDING TO THE COMPANY SENIOR CARE PLUS OFFERS HEALTH AND LIFE INSURANCE, PENSIONS AND INVESTMENT ANNUITIES. THE BETTER BUSINESS BUREAU HAS NOT RECEIVED ANY COMPLAINTS AGAINST THE COMPANY IN THE SALE OF ANY OF THESE PRODUCTS OR SERVICES. THE SECOND PART OF OUR REPORT ADDRESSES THE COMPANY'S SALE OF VIATICAL SETTLEMENT CONTRACTS. VIATICAL SETTLEMENT CONTRACTS ARE THE REASSIGNMENT OF LIFE INSURANCE PROCEEDS TO A THIRD PARTY. PRIOR TO MAY, 1999, SENIOR CARE PLUS SOLD VIATICAL SETTLEMENT CONTRACTS THAT WERE PLACED WITH AMERICAN BENEFIT SERVICES OF LAKE WORTH, FLORIDA WHICH ULTIMATELY ENDED UP WITH FINANCIAL FEDERATED TITLE & TRUST OF LAUDERHILL, FLORIDA. FINANCIAL FEDERATED WAS FORCED INTO INVOLUNTARY BANKRUPTCY FOLLOWING INDICTMENTS ISSUED BY A FEDERAL GRAND JURY OF MAIL AND WIRE FRAUD AND OTHER RELATED CHARGES. THE BANKRUPTCY CASE NUMBER FOR FINANCIAL FEDERATED IS 99-26616-BKC-RBR. THE DEADLINE FOR FILING A CLAIM FORM WAS APRIL 17, 2000. SENIOR CARE PLUS HAS ADVISED THE BBB THAT IT IS IN NO WAY ASSOCIATED WITH THE LEGAL ACTIONS INVOLVING EITHER AMERICAN BENEFIT SERVICES OR FINANCIAL FEDERATED. SENIOR CARE PLUS HAS ADVISED THE BBB THAT BEGINNING IN MAY, 1999, THE COMPANY PLACED VIATICAL SETTLEMENT CONTRACTS WITH PAGE & ASSOCIATES, FORT LAUDERDALE, FLORIDA. SENIOR CARE PLUS HAS BEEN THE SUBJECT OF COMPLAINTS ALLEGING THAT VIATICAL SETTLEMENT CONTRACT INVESTMENTS PLACED BY THE COMPANY WITH AMERCIAN BENEFIT SERVICES WERE NEITHER SAFE NOR GUARANTEED AS COMPANY ADVERTISEMENTS CLAIMED. THE COMPANY HAS RESPONDED TO COMPLAINTS INDICATING THAT CUSTOMERS WHOSE INVESTMENTS WERE PLACED BY SENIOR CARE PLUS WITH AMERICAN BENEFIT SERVICES PRIOR TO MAY, 1999 ARE CREDITORS IN THE FINANCIAL FEDERATED BANKRUPTCY CASE. HOW MUCH THEY WILL RECOVER FROM THOSE PROCEEDINGS HAS YET TO BE DETERMINED. IN MARCH, 2000, SENIOR CARE PLUS ADVISED THE BBB THAT ITS VIATICAL SETTLEMENT CONTRACTS ARE NOW BEING HANDLED BY NATIONAL VIATICAL TRUST. THE BBB MAINTAINS A SEPARATE FILE ON NATIONAL VIATICAL TRUST & EXPLORE FINANCIAL GROUP. ON APRIL 4, 2000, THE COMMISSIONER OF THE TENNESSEE DEPARTMENT OF COMMERCE AND INSURANCE ISSUED A CEASE AND DESIST ORDER AGAINST SENIOR CARE PLUS, MICHAEL SULLIVAN, AND SEVERAL EMPLOYEES OF THE COMPANY. THE CEASE AND DESIST ORDER ALLEGES THAT THE COMPANY HAS BEEN SELLING UNREGISTERED SECURITIES IN THE FORM OF THE VIATICAL SETTLEMENT CONTRACTS. THE CEASE AND DESIST ORDER PROHIBITS SENIOR CARE PLUS AND RELATED COMPANIES FROM SELLING VIATICAL SETTLEMENT CONTRACTS IN TENNESSEE UNTIL THE CONTRACTS ARE EFFECTIVELY REGISTERED AS A SECURITY WITH THE TENNESSEE SECURITIES DIVISION. THE ORDER ALSO PROHIBITS REPRESENTATIVES OF SENIOR CARE PLUS AND RELATED COMPANIES FROM SELLING VIATICAL SETTLEMENT CONTRACTS UNTIL THEY ARE EFFECTIVELY REGISTERED AS BROKER-DEALERS WITH THE TENNESSEE SECURITIES DIVISION. SENIOR CARE PLUS HAS THE RIGHT TO APPEAL THE CEASE AND DESIST ORDER AND THE MATTER IS PENDING. ON JUNE 7, 2000, SENIOR CARE PLUS WAS EXPELLED AS A MEMBER OF THE BBB.

Additional Information

top
BBB file opened: January 01, 1997 Business started: 05/01/1993
Contact Information
Principal: Mr. Michael D. Sullivan, President
Business Category

INVESTMENT ADVISORY SERVICE INSURANCE SERVICES

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