Grounds for suing
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Grounds for suing
I cant afford to continue paying the premiums on life/long term care policy. Have
paid in 90,000 and will lose this money, any recourse? Bad advice from financial
Asked on February 28, 2018 under Insurance Law, California
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 3 years ago | Contributor
No, unfortunately having paid money, even large sums in the past does not entitle you to keep a policy or get a refund of the sums previously paid: if you can't pay the premiums going forward, the insurer may cancel the policy and does not have return any amounts already paid.
As to the financial adviser: IF you can show some extreme bad behaviour--e.g. he steered you to something completely inappropriate based on your profile soley to get or increase his fees; did not even review your profile or wishes before making his recommendation; etc.--then you may have a viable legal claim or cause of action. But merely making a not-ideal recommendation is not grounds to sue: you need to be able to establish something more than that in hindsight, he did not make a good recommendation.
To explore whether you may have a viable case, consult in detail about your situation with an attorney. Bring ALL documentation regarding what this advisor recommended, including all information you'd provided to him, which he should have taken account of.
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