Suing my insurance agent

Apr 23, 2019

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  1. emulimu
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    emulimu New Member

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    Hi all, very sorry to post this question about how to sue my insurance agent in the insurance agents forum. I am hoping some ethical and moral agent will point me in the right direction. I hesitate to post details as my agent may also be here but short version is I wanted to buy term as advised by suze orman and ended up buying risky universal policy which I can't fund because of job loss. If you don't want to help me, I understand. Thank you kind sirs!
     
    emulimu, Apr 23, 2019
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  2. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    I would do these things in order:
    1. Did you contact your agent directly for any other options? Such as lowering your premiums for a time and later increasing them as your situation stabilizes? Universal life allows for premium flexibility while term does not.

    2. Did you contact the insurance company compliance department about your complaint?

    3. Did you contact your state's department of insurance to file a complaint?

    After you've done those three things, then you may be more prepared to talk to an attorney about an actual lawsuit against an agent because you did these three things.

    Obviously, this is not legal advice.
     
    DHK, Apr 23, 2019
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  3. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Note: Suze Orman is not a licensed insurance agent, nor a licensed financial advisor in any capacity. She USED to have an insurance license, but she let it lapse in California. She USED to be a CFP with the CFP board, but that is a certification, not a license.

    She is a financial entertainer who CANNOT be held liable for her advice.

    Just offering a bit of context for you.
     
    DHK, Apr 23, 2019
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  4. rousemark
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    rousemark Still Here!

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    You had to agree to buy the UL so now you want to sue the agent for something you agreed to? Or are you going to claim that you are mentally challenged and could not understand what the agent told you about the policy?? :arghh:
     
  5. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Most consumers don't understand what they sign and rely on professional agents to guide them. And if they got something they didn't understand or agree to, they feel betrayed and that's the basis of a lawsuit.

     
    DHK, Apr 23, 2019
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  6. Markthebroker
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    Markthebroker Guru

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    Dhk, this is TOTALLY the wrong thread, but I have to ask, even though I think I already know the answer.

    Are you ready for Cobra Kai Season 2? It's almost here.
     
  7. WinoBlues
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    WinoBlues Guru

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    Agreed, There is all of that, However, there is also buyers remorse.

    In this case sounds as though the person's finances changed. Not sure how an agent can predict that. We of course do not have any facts or the agent's side. Was this more of a death benefit sale, cash values sale, short pay sale or permanent coverage sale?
     
  8. rousemark
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    rousemark Still Here!

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    In this case, from reading the post, the guy knew he wasn't buying the term that Suzi recommended. but he signed on the dotted line anyway.. Poor guy, he just nees a safe place... :)
     
  9. goillini52
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    goillini52 MAGA...Eat More Bacon & BUILD THAT WALL!!!

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    Tell us his name and we'll tell you if he's here. :yes:
     
  10. emulimu
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    emulimu New Member

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    I know, it's my fault. I am the one who signed it but I feel was going one way and I was hijacked. I was looking for cheap term and don't know how the hell I was convinced that I don't know anything about retirement and it was upto to him to save me from being dependent on the social security which, by the way, will run out in 2022 as you all agents know. I should direct all my 401k funds towards this because this is tax free and as he is a financial adviser, I should completely trust him. And this had so much death benefit(same amount I wanted my term to be) that the it sucked up all my yearly 401k contribution and more, because this one gives me protection as well as tax free retirement. hear that? tax free! beat that 401k!

    sorry I am rambling. I am not in the best frames of mind.
     
    emulimu, Apr 23, 2019
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