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
Oakes & Fosher, LLC
1401 South Brentwood Blvd.
Suite 250
St. Louis, MO 63144
314.804.1376
