Whole life 1035 Exchange

[Lloyds of Lubbock]

Based on the original post, I still believe the sale was questionable.
Without seeing the illustrations used, it is hard to actually say what really went on.
I am sure the client and agent versions are different.
Very rarely is it in the best interest of the client to exchange a 6 year old policy for a new one.
If it wasn't suitable they should have bought a ul based product.
If the client needed more insurance the face could have been reduced to offset and the premium could have been used for a new policy.
On the other hand I wasn't there and dnt know what actually took place.

 

[DHK]

It wouldn't surprise me if the new MassMutual contract was a blended contract of some kind. Of course, I'd then have to wonder if the original NYL policy was a blended contract too. It is called "Custom WL" for a reason.

But no, I don't want to see the original illustrations of either. That's the job of an insurance analyst, counselor, or consultant (depending on the state) who can charge an analyst fee and analyze the policies and go from there.

Here's one such guy in California (who was also a poster here at one time before):
life and disability insurance analyst, insurance fraud and bad faith expert witness, health insurance and medicare plans

 

[Newyork99]

Do you think nothing is wrong if an agent asks the client to sign dozens of documents and along with it the delivery of policy documents without explaining what the client is signing. This low life agent did exactly that. After the 30 day free look period was over, he brought the policy documents for us to see for the first time. When I informed the new policy numbers are to our disadvantage, he said it was all done and dusted, we have no choice but to keep it. If you were the client and if an agent did such a low life thing to you, how would you feel?.

 

[scagnt83]

if the original NYL policy was a blended contract too. It is called "Custom WL" for a reason.

Not sure about new product lines. But the old "Custom WL" was just 1 option from NYL among 3 different WL policies.

And it was an overfunded paid up policy. No room for extra PUAs and blending. Same as a 10pay or 20pay, etc.

 

[DHK]

Do you think nothing is wrong if an agent asks the client to sign dozens of documents and along with it the delivery of policy documents without explaining what the client is signing. This low life agent did exactly that. After the 30 day free look period was over, he brought the policy documents for us to see for the first time. When I informed the new policy numbers are to our disadvantage, he said it was all done and dusted, we have no choice but to keep it. If you were the client and if an agent did such a low life thing to you, how would you feel?.

If you feel you have a true, legitimate complaint and you were harmed, then you talk to an attorney.

 

[ATM]

Do you think nothing is wrong if an agent asks the client to sign dozens of documents and along with it the delivery of policy documents without explaining what the client is signing. This low life agent did exactly that. After the 30 day free look period was over, he brought the policy documents for us to see for the first time. When I informed the new policy numbers are to our disadvantage, he said it was all done and dusted, we have no choice but to keep it. If you were the client and if an agent did such a low life thing to you, how would you feel?.

I'm sorry but you are admitting to your own mistake by not reading what you were signing. the agent sounds like he took advantage of you and did not follow the laws in delivering your policy for the free look to actually take place.

But you went and signed the delivery receipt that said you had received the policy and started the 30 day period. If you want to complain, complain to yourself for being a patsy and promise yourself to do better next time.

I'm not sure if your new deal is much worse than the original. I'd bet they are similar policies with similar costs and benefits. The comparison of illustrations i assume is the ones that were created when you purchased each policy. You really cannot do that and expect to get a fair comparison. The NY Life dividend dropped the year after you purchased the policy (2011 I assume) and is currently lower than when purchased. So that projection is going to be too generous in the values it states.

So I think the results are what the are. You dealt with an unscrupulous agent. You failed to protect yourself in the transaction by reading what you were signing. And you have a policy for 1.1M that may or may not fit your needs.

 

[ATM]

If you feel you have a true, legitimate complaint and you were harmed, then you talk to an attorney.

Signed documents trump recollection. He probably will not win anything as long as all the documents were signed by him, and i suspect that they were. It's hard to argue i didn't know when the insurance company has his signature on the documents telling him what he needed to know.

 

[Allen Trent]

Signed documents trump recollection. He probably will not win anything as long as all the documents were signed by him, and i suspect that they were. It's hard to argue i didn't know when the insurance company has his signature on the documents telling him what he needed to know.

very likely also that the statute of limitations to sue the agent expired in 2019 or 2021 based on policy issue date of 2017. still would be hard pressed to think exchanging a premium paying WL policy with a solid company like NY Life with another premium paying WL policy from a solid company like Mass Mutual would have been in the clients best interest.

I feel the same when a Primerica rep replaces a 30 year level term with a term that isnt level the entire 30 years. The only difference in this case is the size of the premium & the fact we werent there. Hundreds of Millions of Americans with 0 personally owned life insurance & agents messing with existing coverage. There are plenty of times where it could be an improvement, this scenario doesnt seem like it. More likely the rep was struggling at the new carrier he jumped to & went back to the well of someone he knew believe heavily in life insurance & had the means to pay the big premiums the agent was looking for

 

[ATM]

I think his only course of action if he really doesn't want or need this policy would be to go to Mass Mutual complain and threaten to file a lawsuit and see if they would simply refund his money. Doesn't save him from the money lost from NYL but they might decide to just eat the deal to make him go away.

I doubt they would since he signed everything!

 

[DHK]

Watch that video. If the agent doesn't understand and explain the paperwork, how can the client? That's how signatures won't matter.