Protecting Your Investment with Experienced Legal Counsel

Life insurance plays a vital role in financial security. It safeguards your loved ones’ well-being in your absence. Unfortunately, however, like any investment, life insurance can become a target of fraud.

At Oakes & Fosher, LLC, our deep knowledge of securities and investment fraud allows us to bring a unique perspective to life insurance cases. We know how complex policies can be and the tactics used to commit fraud.

If you suspect suspicious activity or behavior, contact us right away to discuss your case.


Types of Insurance Cases We Handle

As leading life insurance fraud lawyers, we focus on two primary areas: variable and whole.

Variable Life Insurance

Variable life insurance offers a unique combination of insurance and investment features. Unlike traditional policies, variable life insurance lets you invest premiums in various options, potentially leading to higher returns. 

It offers a death benefit, but since variable life insurance has an investment component, it includes the potential for greater returns. However, with higher reward comes higher risk. The overall value of your policy will fluctuate based on how well your investments perform.

Although variable life insurance may sound enticing to investors, it isn’t suitable for everyone. Below are issues with these investment vehicles:

  • Complexity: Investment options can be intricate and limit your ability to access funds for several years. Premiums are also generally higher than typical policies.
  • Misrepresentation of risk: Brokers may downplay your investment risk by falsely stating that since it’s a form of insurance, your principal and income are secure. However, variable life insurance is similar to the stock market’s risk and returns. 
  • Additional fees: Variable life insurance comes with additional fees that can minimize returns. They include administrative fees, mortality fees, and surrender charges, which penalize you for withdrawing funds before a specified timeframe.
  • Not suitable for everyone: Variable life insurance is not ideal for everyone, particularly those with a low risk tolerance or individuals nearing retirement who need to access their funds.

If you believe you’re a victim of variable life insurance fraud, don’t hesitate to contact Oakes & Fosher immediately. 

Whole Life Insurance

Whole life insurance offers lifetime coverage and a cash value that grows tax-deferred over time. Investors can borrow against the cash value or cash it out during their lifetime. 

There are two coverage options: fixed whole life insurance for guaranteed growth or variable whole life insurance for potentially higher returns (and risk). Like any investment, it’s important to understand the benefits and drawbacks before investing in whole life insurance.

  • Misrepresentation as an investment: Brokers and firms commonly promote whole life insurance as a primary retirement savings investment. They might also assert that the policies are safer and more lucrative than traditional investments.
  • High fees: Whole life insurance policies typically have higher premiums, fees, and surrender charges than term policies. 
  • Lower returns: The cash value may not grow as quickly as other options.
  • LIRP complexities: Life Insurance Retirement Plans (LIRPs) are complex and often involve significant costs. 

Don’t let your broker and their firm get away with their schemes for higher profit. The insurance fraud lawyers of Oakes & Fosher will fight for you.

Why Choose Oakes & Fosher?

Our in-depth expertise in securities fraud gives us an edge in handling life insurance cases. We understand the financial implications and the complex legal landscape. 

When you choose Oakes & Fosher, you benefit from years of experience. We know financial products and investments inside and out, allowing us to dissect the complexities of insurance fraud.

We utilize our extensive resources and knowledge in the pursuit of justice. We stay abreast of the latest developments in insurance law and pursue all legal options to ensure maximum recovery. With our proven track record of success in securing favorable outcomes, you can be confident that your rights are protected.


Get a Confidential Consultation

Don’t let life insurance fraud jeopardize your financial security. Contact the law offices of Oakes & Fosher today for a confidential consultation. We’re here to help you navigate this challenging situation and recover your losses.

We operate on a contingency basis, meaning that you don’t pay attorney’s fees if we don’t recover for you. Contact us today to discuss your situation.


Frequently Asked Questions About Insurance Fraud

How can a lawyer help with whole life insurance fraud?

Securities fraud lawyers can help recover your losses if your broker misled you about a whole life insurance policy. Below are ways they can assist:

  • Evaluate your case: They’ll assess your case and determine, based on FINRA regulations, if you were a victim of fraud.
  • File for arbitration: Claims related to whole life insurance fraud often require FINRA arbitration, a legal process outside of court, to resolve. A lawyer will file the necessary paperwork and represent you throughout the process.
  • Fight for compensation: Your lawyer will present evidence and argue for the return of your invested funds, along with potential interest and other financial losses.

Who is not a good fit for variable life insurance?

Variable life insurance isn’t a suitable investment for many individuals. If you identify with any of the following, it may not be the best fit for you and your financial situation:

  • Low risk tolerance: If you’re uncomfortable with potential losses, variable life insurance might not be the best choice.
  • Short-term investment needs: Variable life insurance might not be ideal if you need access to your funds soon, thanks to surrender charges.

Nearing retirement: If you’re near retirement and rely on a steady income, market-based returns might not be suitable.

What are the benefits of seeking legal counsel for a variable or whole life insurance fraud claim?

The FINRA arbitration process is complex. Consulting with experienced securities fraud lawyers is in your best interest for the following reasons:

  • Guiding you through proceedings: A lawyer will explain the steps and ensure you meet deadlines.
  • Protecting your rights: Attorneys will present your case effectively and protect your rights as an investor.
  • Increasing your chances of success: Having a lawyer who specializes in insurance fraud on your side can significantly improve the likelihood of recovering your losses.

Although you have the right to represent yourself, FINRA arbitration has many nuances. A qualified lawyer can provide invaluable expertise and advocacy throughout your case.

What are some signs of variable life insurance fraud?

Brokers often make more money when selling policies with higher premiums. Some also fail to disclose the risks or provide accurate information. Several signs may indicate variable life insurance fraud, such as:

  • Fake or falsified insurance policies
  • Unauthorized charges to your account
  • Unusual or unexpected fees associated with the policy
  • High-pressure sales tactics from agents or brokers
  • Being sold a policy that doesn’t match your needs or budget
  • Misleading or incomplete information about benefits or performance

Oakes & Fosher, LLC

1401 South Brentwood Blvd.
Suite 250
St. Louis, MO 63144