Variable Life Insurance Scam Alert!

The lawyers of the stockmarketloss.com and  lifeinsurancefailure.com  practice groups of Cleveland, OH law firm McCarthy, Lebit, Crystal & Liffman, are receiving a growing number of inquiries from victims of variable life insurance fraud. How do you know if you’re a victim.

Look At What You Were Sold

Some people don’t even realize they were sold variable life insurance. Look carefully at your policy or prospectus. If they contain any of these terms, you can be pretty sure you bought variable insurance:

  • The product name includes the word “Variable,” or the acronym “VL” or “VUL.”
  • The policy or prospectus contains words such as “investment options,” “portfolio,” or “subaccounts.”
  • The policy or prospectus contains a section describing risks, particularly with respect to “investments,” “suitability,” “unsuitability” or the “underlying portfolio.”
  • The policy mentions a “surrender charge.”

Take Note of Unpleasant Surprises Concerning Your Policy      

Perhaps you knew you were buying variable insurance, but aren’t sure whether you now have a claim. Be suspicious and investigate. If you answer “yes” to any of the following questions, you may well have a right of recovery:

  • Did your agent tell you that he or she could get you a lot more life insurance coverage for the same or lower cost than you already were paying? 
  • Was your lump-sum payment supposed to buy you a fully paid up policy, yet you later received demands for additional premium payments?
  • Did your agent tell you that the growth of cash invested in your policy would always be sufficient to pay the premiums and keep the policy in force, but you later received notice that the policy would lapse if you didn’t invest more money?
  • When you needed to withdraw cash from or liquidate your variable policy, were you surprised to learn that doing so would subject you to a substantial surrender fee?
  • If your agent convinced you to finance a new variable insurance policy by borrowing from or cashing in your existing whole life policies, did your variable policy became so expensive that you were forced to cancel it or let it lapse, only to find that you couldn’t replace your life insurance because of age or poor health?

Have hope. Take action. There is a remedy.

Agents who sell variable insurance policies can be made to arbitrate sales abuse claims before FINRA. Our trio of securities attorneys have nearly 100 years of combined experience in handling securities disputes and have represented many victims of variable life insurance fraud. We’ve recovered millions of dollars for these clients.

We’re So Confident We Can Help You, We’ll Bet Our Fee On You’re Recovery.

Because the rules of our profession wisely prohibit lawyers from guaranteeing that a client will have a successful result, we can make no such guarantees. But consider the fact that we’ll be representing you in exchange for a percentage of your recovery. We’re so confident that we can recover money for you that we’ll bet our fee on the outcome of your case. If you don’t recover, we don’t charge an attorney’s fee. It’s that simple. [1]

Don’t delay. Filing deadlines can bar your claim.

Call Us Today – Toll Free at (866) 932-1295.

Ask for Hugh Berkson.

 [1] An attorney’s fee is compensation earned by the attorney for time and effort expended and expertise employed in representing the client. An attorney’s fee does not include necessary litigation expenses incurred on the client’s behalf and assessed by third party service providers.  Responsibility for such expenses typically rests with the client but may be negotiable in some cases.