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If I’ve gone bonkers once, I’ve gone bonkers 100 times about agents that sell universal life and whole life policies based on current or assumed values and not based on guarantees. If you have a policy that was sold based on the assumption that a company would continue to perform well, and it hasn’t, check out this excerpt from Volume 8, Issue 15 of TheInsuranceAdvisor.com, a newsletter to insurance agents.

“When Does the Opinion of a Life Insurance Agent/Broker Become FRAUD on the Buyer?

In a recent lawsuit, Wal-Mart Stores, Inc. alleged fraud (among other things) against AIG Life Ins, Hartford Life Ins, the brokers involved and their representative, and both the trial court and the appellate court found against the insurers and agent/broker representatives!!! While you may be thinking “I would never commit fraud”, that is almost certainly the mindset of those who were actually found guilty of fraud in this case in that the findings for fraud appear based on prevailing industry sales practices involving the use of illustrations of hypothetical future performance instead of investigation and disclosure of A) expected/possible costs and B) the reasonableness of expected/illustrated future performance.”

Bottom line. Any life insurance policy you buy should be purchased with full knowledge of what is guaranteed and what is not. Any agent that doesn’t fully educate their client on the guarantees of a policy should have to go in front of the judges mentioned above and have their rear end handed to them.