by MaxHerr » Sat Apr 21, 2012 10:07 pm
If you have been sold a retirement plan by any agent or other person only to discover that what you really have is a form of life insurance, please contact me!!
Various websites, insurance agents, even insurance sales organizations and companies, have dramatically increased the amount of advertising and solicitations of life insurance disguised as a TAX-FEE RETIREMENT PLAN, such as a "Roth IRA on Steroids" or as an "INFINITE BANKING" (or "BANK ON YOURSELF") scheme. Were you shown an illustration leading you to believe you could have a multi-million dollar tax-free retirement fund for only a few hundred to a few thousand dollars per month?
These schemes are FRAUDULENT, and misrepresent life insurance as a "TAX-FREE RETIREMENT PLAN" . . . better than your 401(k), 403(b), IRA, or even your Roth IRA. Please don't fall for their slick presentations! The sale of life insurance as anything else is a violation of state insurance laws.
But if you have already become involved in something like this, there is help available. You may be entitled to recission of your contract, and full restitution of all premiums paid.
Several class action lawsuits are being prepared for litigation in various state and federal courts against major insurance companies, agencies, and agents. If you have been abused by an agent, insurance company or agency, or a "financial adviser" in this manner, please contact me. We will investigate your situation and find you legal representation.
Various websites, insurance agents, even insurance sales organizations and companies, have dramatically increased the amount of advertising and solicitations of life insurance disguised as a TAX-FEE RETIREMENT PLAN, such as a "Roth IRA on Steroids" or as an "INFINITE BANKING" (or "BANK ON YOURSELF") scheme. Were you shown an illustration leading you to believe you could have a multi-million dollar tax-free retirement fund for only a few hundred to a few thousand dollars per month?
These schemes are FRAUDULENT, and misrepresent life insurance as a "TAX-FREE RETIREMENT PLAN" . . . better than your 401(k), 403(b), IRA, or even your Roth IRA. Please don't fall for their slick presentations! The sale of life insurance as anything else is a violation of state insurance laws.
But if you have already become involved in something like this, there is help available. You may be entitled to recission of your contract, and full restitution of all premiums paid.
Several class action lawsuits are being prepared for litigation in various state and federal courts against major insurance companies, agencies, and agents. If you have been abused by an agent, insurance company or agency, or a "financial adviser" in this manner, please contact me. We will investigate your situation and find you legal representation.
Posted: Sun Apr 22, 2012 01:45 am Post Subject:
Max, why is it ok for you to advertise on this site and it isn't ok for others?
Also, is a national advertisement like this from an agent that is only licensed in California ok?
Just askin'.
Posted: Mon Apr 23, 2012 12:28 am Post Subject:
Not selling anything.
Posted: Tue Apr 24, 2012 02:47 pm Post Subject:
You weren't asked about what you are selling. You were asked about advertising. You are making an offer to put people in touch with legal representation. That sounds like an advertisement to me.
Posted: Tue Apr 24, 2012 02:58 pm Post Subject:
All part of the investigative work, if necessary.
This nonsense of selling life insurance as a "tax-free" retirement plan is becoming pervasive nationwide, encouraging persons to stop participating in their employer-sponsored plans. It has previously resulted in successful state-based action on the part of the Florida Dept of Insurance against at least one insurer. I am currently involved in a multistate case seeking class certification in Federal District Court, which could happen as early as next month.
If left unchecked, you could expect Congress to step in and start changing the Internal Revenue Code, taking away the ability of cash value policyowners to legitimately borrow from the policy without a currently taxable event. Why do you think they shut down the policy loan business following 1035 Exchanges into UL policies in the 1980s? Because of the exploitation of the IRC and the ability at the time to deduct life insurance loan interest (even when it was not actually being repaid, but simply accruing) from one's personal income tax return.
When viewed as a tax dodge (being sold as "tax-free retirement income", when it is nothing other than a policy loan), Congress will get its pantees in a collective knot and rewrite the IRC in a way that controls the abuse, but simultaneously harms innocent purchasers of cash value life insurance who happen to need access to the CV for a temporary emergency. Want the money "tax-free"? You could be required to repay it all in 12-18 months in order to get a refund of the income tax paid.
The CA Dept of Insurance has declined to perform its own investigation, citing lack of resources, so it's going to be up to individuals to prosecute their own actions. In the case at hand, agents in these several states deliberately failed to provide clients with policy illustrations that clearly identified that what they purchased was LIFE INSURANCE, in several instances forging client signatures on the illustrations and delivery receipts submitted to the insurer. These misrepresentations occurred prior to the policy issue date, and if proved at trial, will entitle all policyholders to rescission -- which means a FULL REFUND of every penny paid to the insurance company.
This is not an advertisement . . . it is a public service announcement.
Posted: Tue Apr 24, 2012 04:14 pm Post Subject:
You may not be selling something, but this is certainly a nationwide solicitation.
Posted: Tue Apr 24, 2012 05:28 pm Post Subject:
Call it what you will. This is the next wave of life insurance litigation.
Posted: Tue Apr 24, 2012 06:16 pm Post Subject:
Max, we've been working together for a while now and you know how impressed I am with the quality of your work. If that were not the case, I certainly wouldn't have allowed you to work for my Company or under my license.
If anyone is in any way concerned with the way in which I generate business and/or interact with dishonest insurance companies and/or their agents, please feel free to send me your name and contact information. I would be happy to speak with you about it.
Mark
Posted: Tue Apr 24, 2012 10:27 pm Post Subject:
Mark,
It makes no difference to me how you generate your business.
I am, however, questioning Max and his integrity.
He is working for your company under your license. He is soliciting business for you. As a moderator on this board, he prevents the solicitation done by others while actively doing it himself.
This is not an advertisement . . . it is a public service announcement
He gets paid to send business your way. He's soliciting business and the fact that he is calling it a "public service announcement" not only doesn't stop it from being a solicitation, but it makes it damn near impossible not to question his ethics.
We can all agree that selling life insurance as a retirement plan is a huge ethical violation. It's like, well, wait...let me come up with a good analogy..."It's like calling a solicitation for business a public service announcement."
Posted: Wed Apr 25, 2012 05:07 am Post Subject:
It makes no difference to me how you generate your business.
What if I were to pay Max a great deal of money to help me with cases?
I am, however, questioning Max and his integrity.
It is neither your responsibility nor place in this forum to question anybody's integrity. Sometime back you were told, something to the effect, "Until you let us know who you are and why you feel qualified to argue any particular issue, you might as well sit back and admit defeat."
Each and every time Max response to an issue, he leaves his name, contact information and insurance license number. Until you do so, no one will take you seriously.
He is working for your company under your license. He is soliciting business for you.
You are absolutely correct. I would appreciate that you not forget that in the future.
We can all agree that selling life insurance as a retirement plan is a huge ethical violation.
Again, you're absolutely correct. Hereafter, let's categorically refer to this as "Wrong."
Every day, Max and I work very hard to discourage agents from doing Wrong.
In the past 19 years, I have personally investigated more than 2000 cases in which agents have done Wrong.
I've had cases referred to me by the Deputy Director of the Federal Bureau of Investigation because my knowledge of Wrong is better than his.
I think we can all agree that Wrong is a huge problem in the life insurance industry. What have you personally done lately to correct that?
let me come up with a good analogy..."It's like calling a solicitation for business a public service announcement."
Again, your absolute correct. As long as Max and I contribute directly to the investigations of state's Departments of Insurance, FBI operations, and are paid by dozens of law firms to better educate them in the field of Life Insurance Bad Faith, I think the term "Public Service Announcement" is 100% correct.
If you have any further questions or concerns, I'd be happy to direct you to my corporate counsel.
Posted: Wed Apr 25, 2012 10:49 am Post Subject:
That's great if you pay Max lots of money. You've been told why I must remain anonymous. It's a shame that you are ignoring that.
Regardless, it doesn't matter who I am.
Max is soliciting business for you. We aren't talking about whether what he is doing is positive or not.
We are talking about Max, in his moderator role, whether it is ethical for him to solicit business for you while not allowing others to solicit business.
We are talking about Max soliciting business for you while pretending that it isn't a solicitation because he feels that he is doing good.
If Max allowed solicitations from others and didn't attempt to pretend that he wasn't soliciting, I would not be questioning his ethics.
It's a public forum. I'm sorry that you don't like my posts, but if it is ok to post a solicitation for business, it needs to be equally ok to challenge the person doing the solicitation. I'm questioning his integrity. I don't know Max. Maybe he is a man of integrity. I'm just saying that his actions here make it easy to question.
How about the honest, "I am soliciting business on this board because I will make some money and I feel that some good may come from it."?
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