Suing my insurance agent

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Alright, thanks to those few ethical and moral agents and the rest, enjoy your time here on the thread. Have a good one.
 
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...:arghh::twitchy:

Quit shoving the paper work down their throat... it makes it hard to scan. :biggrin:
Louis "packs", so he doesn't need to twist arms. :twitchy:
 
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 would guess he has quite a bit of experience listening to his clients.

You take your advise from Suzy Orman. That does not do a lot for your judgement credibility. You do not sound simple minded, You listened to the agent and Suzy, You chose the agent, you signed everything. If you did not lose your job would you be wanting a do over?
 
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.

Nope.

Social Security is running out of money, benefits on track to be reduced by 2035

Btw, just because you changed your mind or didn't remember everything he was talking about at the time... doesn't mean you were misled.

*I* put all my recommendations in writing and in context of the client's current situation and objectives.

Now, as far as what can be done... it depends on the structure of the policy. If you have a Max-Funded or Target-Premium policy... there's also a MINIMUM premium you could pay to keep the policy in-force. Instead of paying $500/month (as an example)... you could probably get away with $75/month (just random numbers - call the company to find out your options for your policy). You just don't want to STAY there, or you won't build up the cash values your policy is capable of building.
 
Thanks, I don't think the above 3 points would do me any good other than tipping off my agent about the impending lawsuit.

A professional agent should welcome your call and help you with payment options to help you keep your policy in-force. That's called client service.

Now, if he doesn't... then you go up the "chain of command".
 
Thanks, I don't think the above 3 points would do me any good other than tipping off my agent about the impending lawsuit.
This likely will not tip the agent off to anything that he wouldn't be tipped off to as soon as he was served... This ALSO serves as your due diligence so If I were defending him (in a non-lawyerly way because I am not one, the first point I would attack you on would be...

Have you given the agent an opportunity to explain themselves and offer a solution. NO

Have you given the carrier an opportunity to explain your options and offer a resolution to your dillemma? NO

Have you utilized the governing authority over both agent and carrier (being the division of insurance) so that they may inform you the consumer of your rights and offer potential guidance for your unique situation? NO

I would be hard pressed to believe a judge or jury would even entertain the suit with any degree of sympathy toward you if you have failed to utilize the resources provided to you by a group of professional agents that are in fact all bound by a code of ethics by the respective states we are licensed in. It shows a propensity to not adhere to the advice you are given. Therefore you have no merit by saying a professional sold you something and you relied solely on their professional advice.

I feel for you, and I do NOT expect my clients to understand the business as I do so I take care to educate them so that they make an informed decision. Not all look at it the same way... maybe you had a scheister, maybe you had a well-intentioned amateur, but unless you take the recommendations from those of us that DO know the system I can't sugar coat it, you will likely lose time and money, perhaps cost someone their job or career unnecessarily. SO I am saying do something about it, but the lawsuit doesn't come until step 4.
 
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