designing and promoting<\/a> a series of complex Indexed Universal Life policies as “tax-free retirement plans” that were misrepresented as safe, self-funding investment vehicles, according to the press release, which the couple released last Wednesday.<\/p>\nAccording to the filing, the defendants allegedly used misleading illustrations, undisclosed costs, and false promises of guaranteed multipliers and controllable charges to induce the\u00a0Busch family to pay more than $10.4 million in premiums, resulting in net out-of-pocket losses exceeding $8.58 million.<\/p>\n
“I never thought something like this could happen to us,” Kyle Busch said in the statement. “These policies were sold to us as part of a retirement plan \u2014 something safe and secure that would grow tax-free and protect our family long after racing.\u201d<\/p>\n
\u201cWe trusted the people who sold them, and the name Pacific Life. But the reality is far different,\u201d he said. \u201cWhat was pitched as retirement income turned out to be a financial trap.\u201d<\/p>\n
“Now that we are going through this process, I am learning how completely misrepresented these products can be when they’re sold,” Samantha Busch said. “It makes me worry about families, retirees, and anyone trying to plan responsibly for their future who may be hearing those same promises.\u201d<\/p>\n
According to the Associated Press, Pacific Life issued a statement saying it does not comment on specifics of individual matters to maintain the privacy and trust of its clients.<\/p>\n
\u201cFor nearly 160 years, we have committed ourselves to fairness, integrity, and acting in the best interests of our clients \u2014 and we continue to take this responsibility very seriously,\u201d the statement said. \u201cPacific Life offers several different life insurance products, each with unique characteristics that are important to understand before making a decision.\u201d<\/p>\n
At issue is an Indexed Universal Life insurance policy, a combination of life insurance that provides a death benefit with a cash value component, the Associate Press reported. The cash value growth is tied to a stock market index, supposedly with built-in protections against market downturns.<\/p>\n
Once Busch realized what had happened to him, his attorney found other people who had invested in IULs and lost all of their money.<\/p>\n
\u201cThese insurance companies are too big to be (messing) with the little people, so we\u2019re going to go at them,\u201d he said in a recent interview with the Associated Press. \u201cIt\u2019s not just race car drivers or athletes or rich people of the world and this is why we\u2019re going public with it.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"“I never thought something like this could happen to us,” Kyle Busch said in a statement. Two-time\u00a0NASCAR Cup…\n","protected":false},"author":2,"featured_media":266318,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[446],"tags":[49,48,5770,8661,634,117280,82],"class_list":{"0":"post-266317","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-insurance","11":"tag-kyle-busch","12":"tag-nascar","13":"tag-pacific-life","14":"tag-sports"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/266317","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=266317"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/266317\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/266318"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=266317"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=266317"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=266317"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}