ALSO READ: Life insurance giant chooses Charlotte for new office, bringing 300 jobs, $12M investment<\/a><\/p>\n\u201cThey\u2019re just misleading consumers every single day that this is a retirement plan that just happens to be a life insurance product. And it\u2019s just not. It\u2019s a life insurance product. It\u2019s a very expensive one. It\u2019s a very complicated one,\u201d he told Action 9 attorney Jason Stoogenke.<\/p>\n
There are different kinds of life insurance. You\u2019ve probably heard words like term, variable, whole, and universal. The Busches say they bought — what\u2019s called — \u2018indexed\u2019 universal life insurance (IUL). IUL is legitimate, but generally very complex and riskier. It\u2019s based on the market, including stocks and bonds. You could do very well for yourself or not. There\u2019s no guarantee.<\/p>\n
Some of the biggest consumer advisors warn against IULs.<\/p>\n
\u201cIn my opinion, from the ground up, they are structured so unfavorably for a consumer or an investor that they have no place in your portfolio. Period,\u201d consumer adviser Clark Howard told Stoogenke.<\/p>\n
Likewise, consumer adviser Dave Ramsey says, \u201cInsurance is not an investment. Whenever you see an insurance product that also tries to be a savings or investment account, that\u2019s a huge red flag.\u201d<\/p>\n
\u201cThis isn\u2019t just happening to athletes and celebrities. This is happening to teachers, police officers, veterans,\u201d Samantha Busch said.<\/p>\n
Action 9 tried to contact the defendants in this case.<\/p>\n
\u201cTo maintain the privacy and trust of our clients, Pacific Life does not comment on the specifics of individual matters. For nearly 160 years, we have committed ourselves to fairness, integrity, and acting in the best interests of our clients \u2013 and we continue to take this responsibility very seriously. Pacific Life offers several different life insurance products, each with unique characteristics that are important to understand before making a decision. We encourage individuals to visit our website or contact their financial advisor to learn more about our products,” Pacific Life stated in an email emailed.<\/p>\n","protected":false},"excerpt":{"rendered":"NASCAR champion — and Lincoln County resident — Kyle Busch is used to racing, risk, and big money.…\n","protected":false},"author":2,"featured_media":251121,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[446],"tags":[49,48,8661,26768,634,117280,82,117281],"class_list":{"0":"post-251120","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-nascar","8":"tag-ca","9":"tag-canada","10":"tag-kyle-busch","11":"tag-life-insurance","12":"tag-nascar","13":"tag-pacific-life","14":"tag-sports","15":"tag-universal-life-insurance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/251120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=251120"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/251120\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/251121"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=251120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=251120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=251120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}