Suing my insurance agent

[goillini52]

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.

Yikes, I didn't know that. All you have to do is make it to 2031, because AOC says the world will end then.

 

[WinoBlues]

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.

We are not knocking you or the agent. We do not have any of the facts nor do we know the conversations and understandings of those conversations. We are all agents so we have our own biases and experiences.


Just curious, Was he a WFG agent? Which Life Insurance company was it?

 

[emulimu]

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.

Thanks, I don't think the above 3 points would do me any good other than tipping off my agent about the impending lawsuit.

 

[Tahoe Ray]

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.

We weren't in the meetings with your agent/advisor so no one can say who is right and who is in the wrong. Unless a recommendation is ridiculously unsuitable, I don't believe that you're going to get a lot of traction with a lawsuit.

That being said, let me mention a few things:

social security which, by the way, will run out in 2022 as you all agents know.

Wut?

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!

There are lots of pros and cons when you're looking at insurance vs. 401k. Personally, I still think Roth options (401K) are the best and once maxed, start looking at insurance. If a Roth 401k isn't available, hitting the max match on a traditional 401k is still preferable.

BTW, depending on your financial advisor's firm, you might find a lawsuit difficult. If you have other accounts with him/her and they are running the insurance business through the firm, you may already be subject to binding arbitration.

I'm sorry that you had a bad experience, no matter who is at fault. Go buy your term asap so that you have protection and then you can decide the next steps.

 

[Life Hawk]

I know, it's my fault. I am the one who signed it but I feel was going one way and I was hijacked.

Wondering if you told this to a judge what he would say?

but I feel

Yep, this isn't a good reason, lot of "feeling" going on out there.

I would also say that you just need to get a good lawyer and ask if you have a leg to stand on... doesn't really matter how you feel about.

 

[rousemark]

We are not knocking you or the agent. We do not have any of the facts nor do we know the conversations and understandings of those conversations. We are all agents so we have our own biases and experiences.


Just curious, Was he a WFG agent? Which Life Insurance company was it?

Speak for yourself.. I am knocking him.. He is responsible for what he does but instead of taking responsibility and moving on, he wants to blame someone else.

 

[goillini52]

Yep, this isn't a good reason, lot of "feeling" going on out there.

 

[emulimu]

tired of a generation that takes no responsibility

Same attitude! that you are somehow responsible for our retirements, our actions! It's your fear speaking. Pay attention to this thread and maybe you will pick up something which may save your a** one day. Listen to your clients and what they want. Don't shove something down their throats thinking they need to be saved. They will regurgitate.

 

[Life Hawk]

Same attitude! that you are somehow responsible for our retirements, our actions! It's your fear speaking. Pay attention to this thread and maybe you will pick up something which may save your a** one day. Listen to your clients and what they want. Don't shove something down their throats thinking they need to be saved. They will regurgitate.

I agree... rousemark, how often have I seen some of your clients come on here complaining of how you shoved your pen in their hand and then you twisted their other arm until they singed... in the case of Transamerica, as many as 6 or seven times...

Quit shoving the paper work down their throat... it makes it hard to scan.

 

[goillini52]

Same attitude! that you are somehow responsible for our retirements, our actions! It's your fear speaking. Pay attention to this thread and maybe you will pick up something which may save your a** one day. Listen to your clients and what they want. Don't shove something down their throats thinking they need to be saved. They will regurgitate.

From your attitude, somehow I get the idea that your agent did nothing wrong. Take responsibility for the decision that YOU made and go find a "safe space". If you don't have one, a closet will do in a pinch.