RP Legal LLC Wins Landmark Indexed Universal Life (IUL) Trial in Idaho

RP Legal LLC secured a significant jury verdict in Canyon County, Idaho, on behalf of a retiree who suffered catastrophic financial losses after being sold a misleading Indexed Universal Life (IUL) insurance strategy. The jury awarded $1,526,156.54 against Pacific Life Insurance Company and one of its agents after finding both liable for a failed retirement plan that misused a Pacific Life IUL policy as part of a fraudulent investment scheme.

Retirement Dreams Shattered by a Fraudulent Strategy

The client, a 69-year-old woman who had recently retired, sold her income-generating property for over $1.4 million. Her entire life savings were then funneled into a complex IUL strategy recommended by an insurance agent who claimed to be a financial advisor. He presented the Pacific Life Discovery Xelerator IUL as a “tax-free retirement income” plan, supposedly funded by a high-yield structured settlement investment.

Unbeknownst to the client, the “structured settlement” turned out to be a Ponzi scheme known as Future Income Payments (FIP). The advisor pitched seven years of $258,000 annual IUL premiums, to be paid with FIP income, and promised lifetime income through policy loans. Instead, the FIP investment collapsed in early 2018, triggering massive losses and leaving the client with an unaffordable insurance policy and no retirement funds.

Pacific Life Approved the Policy Despite Red Flags

Evidence at trial revealed that Pacific Life’s underwriting team ignored multiple warnings: the unusually large death benefit, lack of income documentation, and the client’s retirement status. Even after being told that premium payments would come from an unverified outside funding source, Pacific Life approved the policy within days—without contacting the client or investigating the funding.

Trial testimony showed Pacific Life knew of its underwriting violations but pushed the policy through anyway, competing against other carriers for high-value IUL sales. When the Ponzi scheme collapsed, the client asked Pacific Life to cancel the policy and return her money. The request was denied.

Jury Holds Pacific Life and Its Agent Accountable

The jury found that Pacific Life failed in its duties and that the insurance agent acted with the company’s apparent authority. The verdict included the full amount of economic damages the client suffered, sending a clear message: insurance companies cannot ignore red flags or abandon consumer protections just to win business.

RP Legal LLC: National Leaders in IUL Litigation

“This verdict shows what happens when an insurance company puts sales ahead of consumer safety,” said lead attorney Robert G. Rikard. “Our client lost everything she had, and Pacific Life refused to accept responsibility until the jury forced them to.”

RP Legal LLC has recovered over $70,000,000.00 in IUL-related cases. We represent clients nationwide who were misled into complex insurance strategies marketed as retirement plans. Our firm leads the country in litigating premium financed IULs, deceptive illustrations, Ponzi-linked insurance strategies, and failed policies pitched as “tax-free retirement income.”

If You Lost Money in a Misleading IUL Plan, Contact Us Today

We offer a full review of your IUL policy, funding strategy, illustrations, and sales materials. If you were misled, we will fight to recover what you lost. Call RP Legal LLC at (803) 805-7546 or use our secure contact form to schedule a confidential case review.

Last Updated: 08-06-2025

Case Results Our Record Speaks For Itself
Recoveries for Victims of IUL and FIP Investment Fraud
$10,000,000

RP Legal LLC has recovered over tens of millions of dollars for victims in these cases.
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Jury Verdict for Failed IUL Retirement Strategy
$1,500,000

A jury awarded $1,526,156.54 for our client, ruling against Pacific Life Insurance Company.

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Featured on InsuranceNewsNet
LEADERSHIP

Robert Rikard, founding attorney of RP Legal LLC, was recently featured in a nationally recognized insurance publication.

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Any result the lawyer or law firm may have achieved on behalf of clients in other matters does not necessarily indicate similar results can be obtained for other clients.

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