I Guess If You Are Going to Hand Money Out, Some People Will Take It...(Allegedly)

Another interesting lawsuit was filed in California, home of many interesting life insurance-related lawsuits. Transamerica Life Insurance Company filed a lawsuit this month against various California life insurance agents and their firms. In the suit, the carrier alleged that the agents sold Indexed Universal Life (IUL) policies to individuals “who did not need or want the insurance and/or could not afford the insurance, and who had no intent of ever paying premiums for the policies, including both initially and to keep the insurance in effect after one year.”