Did Rodney Smith sell you A Pacific Life IUL
RP Legal LLC, led by attorney Robert G Rikard, is investigating claims against life insurance agent Rodney Smith, the insurance agent named as a defendant in the $8.5 million Kyle Busch IUL lawsuit, for his role in selling Pacific Life insurance policies. Rikard and RP Legal LLC represent Kyle and Samantha Busch in their lawsuit against Pacific Life and Rodney Smith and are now expanding that investigation to determine how many other policyholders were sold the same flawed structures.
Our investigation focuses on Mr. Smith’s sales of complex Indexed Universal Life (IUL) policies, often pitched as “tax-free retirement plans” to consumers across the country.
If you purchased a Pacific Life IUL policy from Rodney Smith or his associates, your policy may be at risk. Contact RP Legal LLC for a free, confidential review of your policy. Call (803) 805-7546 or schedule your consultation today.
Who is Rodney Smith?
Rodney Smith is the life insurance agent named as a defendant in the lawsuit filed by NASCAR champion Kyle Busch and his wife, Samantha. The lawsuit, which has been covered by ESPN and other national media, alleges that Mr. Smith sold the Busches multiple Pacific Life IUL policies (including the Pacific Discovery Xcelerator, or PDX) that were misrepresented as safe retirement plans.
Instead of providing tax-free income, the policies allegedly collapsed, leading to a catastrophic $8.5 million loss for the Busch family. Our attorneys at RP Legal LLC are representing the Busches in this matter and are now expanding our investigation into other policies Rodney Smith may have sold. “As counsel for Kyle and Samantha Busch, we have already uncovered serious structural problems in the Pacific Life IUL policies sold to them. We are now expanding that investigation to determine how many other policyholders were placed into the same flawed designs,” said Robert G Rikard, lead attorney for the Busches.
Did Rodney Smith Sell You a Pacific Life IUL That Was Built To Fail
The Kyle Busch lawsuit alleges that the policies sold by Rodney Smith were not designed for the client’s benefit but were instead structured to maximize the agent’s own commission.
Misrepresentation as a “Tax-Free Retirement Plan”
According to the Busch lawsuit, the IUL policies Rodney Smith recommended were not designed for the client’s benefit. They were designed in a way that maximized agent compensation while creating structural instability for the policyholder.
This sales pitch concealed the reality that these were complex life insurance contracts with massive internal costs that made them “built to fail”.
Policies Structured for Maximum Commission
According to the lawsuit and independent expert analysis, the policies were structured in a way that generated a significantly higher commission – potentially 2.5x to 3x the agent’s commission at the client’s expense. This was allegedly done by:
- Inflating the Death Benefit: One policy was issued with a $44.5 million death benefit, which served to inflate the policy’s internal costs.
- Using 100% Basic Coverage: The agent allegedly selected a 100% Basic Coverage blend, which is the most expensive option and carries the highest commission, rather than a standard, more sustainable blend.
This design allegedly created massive internal fees that consumed approximately 88% of premiums during the five-year premium period, and continued draining the policy’s remaining value in subsequent years due to ongoing cost-of-insurance charges.
RP Legal is Investigating Other Policies Sold by Rodney Smith
The devastating losses in the Kyle Busch case raise a critical question: How many other individuals were sold these same flawed policies?
RP Legal LLC is now actively investigating other Pacific Life IUL lawsuits and claims involving policies sold by Rodney Smith. We believe he may have sold these products to other professional athletes, business owners, and high-net-worth families nationwide, using the same misleading “tax-free retirement” marketing.
Our investigation includes Pacific Life products such as:
- Pacific Discovery Xcelerator (PDX)
- Pacific Discovery Xcelerator 2 (PDX 2)
- Pacific Horizon IUL / Horizon IUL 2
- Pacific Venture or Venture 2 UL
Red Flags: Were You Sold a Flawed Pacific Life IUL by Rodney Smith?
If you purchased a Pacific Life policy from Rodney Smith, you should review your documents immediately for these warning signs of IUL misrepresentation:
- You were promised tax-free income or told the policy was a “self-funding” retirement plan.
- Your policy has a very large death benefit that seems unnecessary for your goals.
- Your annual statements show your cash value is declining, even with strong market performance.
- You have received lapse warnings, collateral calls, or unexpected premium notices.
- The agent could not give you straight answers about the policy’s performance or high fees.
What to Do if You Have a Rodney Smith-Sold Policy
If you believe you were misled, it is critical to protect your rights.
Request a Confidential Policy Review
As the firm leading the landmark case against Pacific Life and its agent, RP Legal has unique insight into these policy designs. We are offering a confidential, no-obligation evaluation of your policy. Our team can analyze your documents to determine if your policy was also designed to fail.
Before you lapse, surrender, or make any changes to your policy, speak with an attorney. You may inadvertently forfeit your legal rights or give up your claim to recover your losses.
Contact RP Legal Today
RP Legal LLC leads complex IUL litigation nationwide and can assess whether your policy was misrepresented or improperly designed. Contact us to review your documents and discuss your options.
Call (803) 805-7546 or schedule your free, confidential consultation online.