About 4 years ago, I was sold a $750k universal flex life insurance policy as a supplemental retirement policy in Florida. I received misinformation about several things, but the main issue is that I was told that I retained access to the funds. I've recently learned that is untrue.
I emailed the insurance agent before the second premium payment to ensure that I thoroughly understood the policy, as the numbers appeared different than expected. He confirmed by email that I had tax-free access to the money at any time.
In reality, I currently only have access to the surrender value (about 6-7% of the deposited amount). When I spoke with the agent back in March, he initially denied sending the email, then said he was only referring to the surrender value.
I contacted the issuing company and was told that my best option was changing the policy to a lowered face value/$0 premium. According to an illustration, that would allow me to withdraw the deposited fund amount in about 16 years at current interest rates.
I believe I've exhausted my options, as I've contacted the company the agent worked for, the company that issued the policy, and the state's division of consumer services. (Florida does not have a standalone insurance commission.) The only thing that resulted was the issuing company removing the agent's name from the policy without being asked.
Is it worth pursuing this in any other way, or would it be better to accept the possibility of receiving the funds (~18k) back in ~16 years? And would I actually be likely to receive the funds back (or a decent portion) if I waited the 16 years? I was laid off due to COVID, so I would probably only feel comfortable pursuing legal assistance if there was a contingent agreement. I really appreciate your advice!
I emailed the insurance agent before the second premium payment to ensure that I thoroughly understood the policy, as the numbers appeared different than expected. He confirmed by email that I had tax-free access to the money at any time.
In reality, I currently only have access to the surrender value (about 6-7% of the deposited amount). When I spoke with the agent back in March, he initially denied sending the email, then said he was only referring to the surrender value.
I contacted the issuing company and was told that my best option was changing the policy to a lowered face value/$0 premium. According to an illustration, that would allow me to withdraw the deposited fund amount in about 16 years at current interest rates.
I believe I've exhausted my options, as I've contacted the company the agent worked for, the company that issued the policy, and the state's division of consumer services. (Florida does not have a standalone insurance commission.) The only thing that resulted was the issuing company removing the agent's name from the policy without being asked.
Is it worth pursuing this in any other way, or would it be better to accept the possibility of receiving the funds (~18k) back in ~16 years? And would I actually be likely to receive the funds back (or a decent portion) if I waited the 16 years? I was laid off due to COVID, so I would probably only feel comfortable pursuing legal assistance if there was a contingent agreement. I really appreciate your advice!