Available 24/7National Life Group is a Vermont-based company, which has been in business for nearly two centuries. National Life offers life insurance, annuity and investment products. They claim that their goal is to “to help individuals, families and businesses pursue their financial goals.” However, in selling indexed universal life insurance policies, National Life’s goals seem to be to help its own Financial interest. The company charges steep fees and markets a product that does not necessarily meet a customer’s best interest. If you have purchased an IUL policy from National Life, and you have suffered financial losses, you may be able to file a lawsuit. Contact the Investor Loss Center to learn more about a potential lawsuit.
National Life IUL Products
National Life is always coming up with new and “innovative” products to sell to customers. For example, National Life began to sell a FlexLife IUL, claiming that it was to meet the needs of “Middle America.” The FlexLife IUL featured “an expanded set of interest crediting options.” The press release that announced the product stated that FlexLife IUL has “enhanced and simplified methods for advisors to illustrate the policies’ features and benefits to potential customers, making the communication clearer and easier to understand.” Of course, National Life had been selling IUL policies for quite some time, leading to the impression that they knew full well that their products were opaque and difficult to understand.
Peak Life is a product that claims to provide you with tax-free and guaranteed income for the rest of your life (if you purchase certain riders to the policy). National Life heralds Peak Life’s flexibility, and it claims that it provides the “flexibility to meet the demands of your life.”
The company always comes up with improved products that are intended to give customers even more options. The reality is that these features make IULs even more complex and difficult to understand. The salespeople and the marketing materials do not do much to take away from the mystery.
National Life Makes Money By Charging You a Ton of Fees
The reality is that the IUL company always makes money, and a lot of it. Any money that they make comes directly from your pocket. While insurance is a for-profit business, these companies are seemingly making far too much money at your expense.
There are plenty of things that can go wrong when you buy an IUL. Although these products are not surefire money losers, they certainly can be, especially when you do understand how IULs work. Much can go wrong when you buy an IUL from National Life, including:
- Your premiums will rise as you age, meaning you have to pay more when you either have less money or are trying to save it for retirement.
- There are very high fees front-loaded when you purchase the IUL, meaning that you need to hold the policy for quite some time before you escape being in the red.
- You are charged egregious fees when you surrender the policy, which you may have to do when you have to surrender the policy.
- The financial performance of your policy can greatly lag behind what you were expecting because you were taken in by misleading graphics and representations in glossy sales materials you were given.
Regardless of whether an IUL makes economic sense, you could still pay your own personal price when you buy a policy. You may have missed the red flags when you bought an IUL because everything was couched in deliberately confusing terms that you had no hope of understanding. You may not have learned until it was too late that you have been taken, and the insurance company made out like bandits.
Investors Who Lose Money Are Holding National Life Accountable
National Life and other companies have been sued regarding how they sold and marketed their IUL products. The company is alleged to have made misrepresentations and charged excessive fees that have caused its customers to lose money. Even if a customer ends up making some money on an IUL, it could have been far less than they otherwise would have earned due to the Steep fees that they have been charged.
If any of this has happened to you, contact a lawyer to explore whether you can file a lawsuit against National Life. You may need to go through an entire legal process before you can recover some of what you lost from the IUL that was wrongfully marketed to you.
Contact a National Life IUL Lawsuit Lawyer Today
The attorneys at Investor Loss Center fight on behalf of customers and investors who have lost money in the purchase of financial products, such as National Life IULs. We are ready to file a lawsuit on your behalf when misrepresentations and deceptions have cost you money. The first thing that you can do is set up a free initial consultation with one of our attorneys. You can call our office today at (803)-805-7546 or send us a message online to speak with a lawyer. You do not have to pay us anything unless you win your case.