Fraternal society puts $12 million lien on policies

Beaver-based Greek Catholic Union — the state's largest fraternal-benefit society — has placed $12 million in liens on members' policies in an unusual bid to shore up a capital base wracked by financial markets.

The balance-sheet maneuver equals an average $300 off the cash-surrender value, or 2 percent, of each member's life insurance or annuity contract. The society explained the liens in letters sent to its roughly 40,000 members within the last month...

PittLive: Fraternal society puts $12 million lien on policies