what legal course of action should my grandmother pursue towards life insurance company that sold her a policy under false pretense?

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what legal course of action should my grandmother pursue towards life insurance company that sold her a policy under false pretense?

my grandmother paid fifty thousand dollars in one lump sum for a life insurance policy which was supposed to be worth 150 thousand dollars when she dies, she bought the policy because she was told that after that one lump sum she would not be required to pay any additional premiums now she is being told by insurance company that if she doesn’t pay premiums her policy will be cancelled and she will have absolutely nothing to show for her 50 thousand dollar investment, what can she do to get insurance company to honor original agreement or at the very least get back her 50 thousand dollars?

Asked on June 29, 2009 under Insurance Law, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

First, you should file a complaint ASAP with the California Department of Insurance:   http://www.insurance.ca.gov/  .   Then you should seek legal help to see what type of charges can be brought.  You did not say if your Grandmother went through a broker, etc.  You should also contact the local District Attorney as well.  The State Insurance Department has a section just for Seniors but you check for Senior advocate groups in your area that may be able to help as well. Bring all your proof - policy, cancelled check, etc.  Good luck.


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