The still unfolding story of failed United Security Life Insurance Company Ltd. is leaving in its wake a number of financial tragedies, but perhaps non on so much of a personal level than that of Mr. George Monk of Pembroke.

He said he has lost one house over the 1992 closure of the company for whom he worked for more than a quarter century. And with most of what was once expected to be a $55,000-pension benefit now in doubt, he is set to lose his second house.

Lawyers for eight former employees have been in court last week and this week trying to win a better deal for the employees' pension.

But it is understood that after court decisions have been handed out, they may have to stand in line like other creditors for a share of the $640,000 (or 27 cents on the dollar of an approved claim) that was said by provisional liquidator, Mr. Gil Tucker, to be the only money that is left in the company.

As Mr. Monk awaits his 73rd birthday this year, there was a sense of bitterness in his tone when he said: "I'm been up against a brick wall for almost three years. No job, no company pension, no money. I'm trying to live off of Government pension, but I'm not doing that too well.

"I put 26 years and eight months in at that company. I've lost a whole lot of money and I'm not working.

"The lesson to learn from this is don't buy insurance. Put your money in the bank and hang on to it. But that will probably go broke soon to.'' Failure of insurance company leaves man in debt "I'm way in debt. I sold one house already and got half of what it was worth.

I can't get what I want for the second house, and I still won't be out of debt. If it wasn't for my son, my family helping me and my wife out, I wouldn't know where we would be.

"I'm between a rock and a hard place. I have to sell the second house to pay off the bills from the other one.'' The pension money alone Mr. Monk expected to draw was some $53,000. But he told us, "There are other bills that the company should have paid. And now we get 27 cents on the dollar. It's not fair.'' Another former employee said: "Why should I take 27 cents on the dollar for money that belonged to me, that I earned, that was deducted from my pay cheque for the pension, money that is now being used to pay everybody else off. I don't think that is right.'' Last month, Mr. Tucker advised: "This payment ($640,000) will result in all the money in United Security being paid out, and no further amounts will be paid.'' The provisional liquidator is faced with the need, as an Ernst & Young spokesman said yesterday, "to treat every creditor equitably. We have a restricted pot of cash and claims from all the creditors''.

Former employees of the insurer are expected to meet again with legal representatives.

The collapse of the local branch of the Trinidadian company came under the weight of more than $2.3 million in debts.

Policyholders, including some of the employees, were furious to hear in 1992 that they had been paying premiums into a company that had been technically insolvent for five years.

Employees and other policyholders remained bitter at Government for not protecting them, as some question arose as to just how much Finance Ministry officials knew about the condition of the company during that five year period.

Officials said at the time that they had been misled about the strength of the company.