Insurance above the FDIC Limit

We plan to dissolve a defined benefit retirement plan and will have about $1.7 million that we would like to deposit in one bank account. Is there any insurance we can get to cover this amount in a bank deposit?

 

Answer:

I'm not aware of insurance that can be purchased specifically to cover a bank deposit. However, it may be worthwhile to look into other kinds of insurance that could accomplish the same ends for you. I'd consider speaking to a lawyer that is familiar with financial planning or even your bank.

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