I was a woman, age 50 at the time of policy purchase.
I believe this policy was sold with deceptive sales practices (Federal Law Deceptive Trade Practices). It was presented repeatedly as a retirement and death policy with a one time premium payment and $6,600 up front. NOTE: Maturity date as stated in schedule is March 13,2044 which would make me 96 years old.
I was most interested in a retirement fund because of my age and just now beginning to look at retirement supplements. I received a premium statement in 2003 which I did pay from my savings, I have not paid another premium. It was not explained to me that if I didn't continue to make that premium of $550.00 a month or $6,600.00 a year that I would lose all my money. I thought it would just sit there without much growth, but not able to take it out for 10 years without a penalty.
I bought this policy from Mr. McCain in good faith. I knew him as a personal friend prior to the sale of this policy. I was not knowledgeable about life insurance policies and trusted Mr. McCain instead I was sold an unsuitable fee laden death benefit insurance policy (NASD Rule 3010) that was not in-line with my income or assets. Now, WRL says I am to forfeit $10,000 (value) because I failed to pay the premiums.
Mr. McCain did not provide an illustration providing pertinent details of the transaction at the time of signing as required by NRS (Nevada Revised Statues). Thereby not allowing me time to review and understand the definitions of the benefits and language of this policy or what my responsibilities would be. If Mr. McCain would have told me clearly that my commitment would be $550.00 a month or $6,600.00 annually, I never would have agreed to such a financial obligation knowingly my income would not be able to fund this policy and pay my other livelihood bills. He did not perform with due diligence and education concerning my welfare.
Mr. McCain suggested this is the best use of my money for my retirement. Mr. McCain in no way suggested another venue, i.E. Roth, Ira or 401K for my retirement or any other viable options more suitable. My salary in March 13 was $31,000.00 yearly and would not allow me to make the annual / monthly payments without financial hardships, then, now or when I retire at age 60- 65.
Mr. McCain failed to be truthful on the application of insurance by stating false figures on the total resources of the client at that time. Question if other financial resources EXCLUDING the client's own home or automobile. I also think WRL and other related companies failed to exercise supervision over the securities activities of this salesman. Either he was not trained in the field or concerned for his commission which was $8,000 and $2,000 from a deceptive policy he set her up with.
To resolve this issue at this time, I want a return of all premiums paid. Of $13,200.00.
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