Legal Question in Insurance Law in Connecticut

Life Insurance Bait and Switch
My agent had my initially sign up for a term policy but said I could switch to a ''whole'' life policy after a year. She faxed over pages for me to sign after a year with the term. She explained the whole life policy w/o mentioning ''costs'' and ''expenses'' and the fact that I have to stay in the policy for 20 years or forfeit $14,400. I believed everything she told me (and didn't tell me) and had to find out after contributing $15000 that I don't have a whole life policy but a ''flexible adjustable'' policy that has $1600 of costs and expenses per year and I will forfeit the $14400 if I pull out so essentially I now have nothing. She had me sign the papers on a rush basis which I did. When I showed the papers to lawyers I work with (financial lawyers) they said they couldn't even understand the charts and graphs. I went with what she had said to me and didn't think I needed to read over anything. I feel totally taken advantage of. Can someone help me or am I stuck. The policy she described is not the policy I got.

Asked on 2/27/07, 2:08 pm

Nicholas Adamucci ADAMUCCI, LLC

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Re: Life Insurance Bait and Switch

Your question deals essentially with contract law. If you feel you were not treated fairly by the broker then you may have a cause of action.

If you want, you can reach me at [email protected] and I will attempt to help you.

Answered on 2/27/07, 4:08 pm

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