Life insurance policyholders have filed numerous lawsuits against insurance agents, accusing them of selling policies which did not increase in value as expected and were not sellable. In one, according to an article on Palm Beach Post, "[h]undreds of senior citizens attended the meetings in which [Barry Kaye and Associates'] Kaye explained they could purchase a life insurance policy on themselves, pay the premium for two years and then sell it for a profit." In a new Ohio lawsuit, an 81-year-old man, Louis Levin, has sued Kaye's firm, after paying $322,000 in life insurance proceeds over two years; he alleges that the marketability of that policy was not as promised, and that he was promised he would be able to sell the policy for between $500,000 and $1 million.
Posted on August 03, 2009
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