Life Insurance Sales Practices
William and Conielyn Abernathy v. New England Securities Corp. et al , CT- 001712-03 (Shelby Co. Cir. Court, Tennessee 2005)
In this action our firm represented a middle age couple who had been sold numerous variable whole life insurance policies from New England Life Insurance. Although they already owned life insurance policies, our clients were promised by New England’s agents that their purchase of variable whole life policies should be used to fund their retirement needs. These agents convinced our clients to buy several policies over a short period of time and fund the policies by taking out a second mortgage on their home. After significant discovery showed that New England knew that these agents had layered a number of clients with unwanted and unneeded life insurance contracts, we were able to settle this matter satisfactorily for our clients.