Round Rock, TX asked in Contracts and Elder Law for Texas

Q: How can I get out of enrolling in life insurance that I don't want after the initial payment has come out of my savings

I spoke with the financial planner about long term care insurance. When he called to tell me I had been approved and he got my bank info, he said the initial payment was $1650. I told him I couldn't afford that much per month, especially since I had not seen any details and had not agreed to anything. We had another meeting where he kept insisting that I had agreed to that amount and kept telling me that he is a fiduciary and would only do what's in my best interest, and that my beneficiary would get $200K when I die and the policy would have a cash value in 4-5 years. I argued that paying out over $18K this year alone is not in my best interest because I'm 72 and hoping to retire within the next year or so. He kept pressuring me so we finally got down to a $50K policy... which I still haven't seen details of... that would still cost me $420/month. I don't want to pay out any money at all with this plan. I don't want to talk with him anymore because he won't let up. What can I d

Related Topics:
1 Lawyer Answer
John Michael Frick
John Michael Frick
  • Frisco, TX
  • Licensed in Texas

A: Run.

First of all, a financial advisor who is a fiduciary DOES NOT SELL YOU FINANCIAL PRODUCTS! He advises you what types of financial investments you ought to make, but never ever sells you products. He is only selling his expertise and advice.

Second, long term care insurance and life insurance are two very different things.

This person does not sound like he’s listening to you or like he has your best interests at heart.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.