Index Universal Life Insurance Lawsuit for Premiums Paid
There is ample reading material on the web regarding whether index universal life insurance policies (IULs) are smart investment strategies. While there are reasons to be wary of IUL policies, there are great concerns in the legal community that insurance agents, intentionally or otherwise, misrepresent the material terms, strengths and weaknesses of these policies. This is particularly dangerous with IUL policies, where a typical policy holder has extensive disposable income and the policy premiums are often enormous. Our firm recently resolved an index universal life insurance lawsuit on behalf of a policy holder who was not told about the enormous costs associated with the IUL.
In that IUL lawsuit, our client was also not told about the significant difference between the guaranteed and non-guaranteed aspects of their policy illustration. They were told that the guaranteed aspect would “never happen.” After over a year of litigation, we resolved the case for a return of every dollar paid in premiums on the policy.
North Carolina provides favorable treatment for potential parties to an index universal life insurance lawsuit. The North Carolina General Statutes set forth that any material misrepresentation made by a agent or salesperson to a potential policy holder would be the basis for a viable claim. If once can prove that they relied upon those misrepresentations to purchase a policy, those claims may also be the basis for an unfair and deceptive trade practices claims. These claims carry hefty penalties for the insurance company and may allow the policy holder to recover their attorney fees at trial.
Maginnis Law will often handle an index universal life insurance lawsuit, as well as other misrepresentation claims by policy holders, on a contingency basis, meaning that you pay no fees to us unless we recover funds for you. To schedule a free case evaluation, visit our contact page, send us an email at email@example.com or contact the firm at 919.526.0450. We handle policy holder insurance lawsuits throughout North Carolina and would be honored to help you.