Dots - Life Insurance as Retirement Plan - LIRP

  • Book - LIRP
  • MetLife
  • PBS
  • 199x - GOV - Single Premium Life Insurance?
  • 1985 - GOV - Beck
  • Dinney - Life Insurance as a game
  • In its June 7, 1994 Consent Order #94-102, the NJDBI cited N.J.S.A. 17B:30-3 and N.J.A.C. 11:2-23.4 and subsequently fined MetLife $965,555 for MetLife’s practice of misrepresenting life insurance to be retirement or savings plans, particularly in advertisements sent to nurses and other professionals.
  • This action was taken based on the findings of a task force established by the National Association of Insurance Commissioners.  (p27)

1998 - Report of The Metropolitan Life Insurance Companies Located In New York, New York As Of December 31, 1998, By Examiners of The State of New Jersey Department of Banking And Insurance Division of Enforcement And Consumer Protection Market Conduct Examination Unit - 44p

Walker v Life - Case 2:10-cv-09198-JVS-RNB - DOC 820 - Snippets - 135p+ Craig Smith - Trial Transcript- Day 11 - 279p

  • (p251) - or if you are using it as Permanent??
    It's being used to prove that the defect exists. If you tried to use this policy for a realistic retirement plan, you have a high rate of failure.
  • The impact of the new mortality table on life-insurance-retirement-planning (LIRP) sales, cash accumulation sales, is that it will lower the amount of money that you can get into contracts, but I think that still makes it a relatively attractive sale long-term.

-- Thomas P. Kalmbach

2003 - Variable Life—Product and Distribution Issues, Society of Actuaries - 28p

The Groves <policyholders> cannot establish that they justifiably relied on Foster's <Agent> alleged failure to disclose the primary purpose of the policy.

  • The policy is labeled "Adjustable Life Policy" on the cover page and clearly states, "
  • The purpose of your policy is to provide a death benefit." (See Ex. A at 4.)
  • It does not mention "retirement'' or "college funding" or suggest in any way that it was designed for these other needs. <p27>

1997 - Legal Case - Grove v Principal - Brief In Support of Defendant's Motion to Dismiss the Class Action Complaint - CASE NO. 4-97-CV-70224 (Iowa) - 115p

Nancy Cannavo thought she had bought a retirement plan from a salesman she could trust.

  • Several months later, in 1993, Cannavo discovered what she'd bought was a life insurance policy that she didn't need.
  • "I thought I was duped and [it was] falsely misrepresented," said Cannavo, a psychiatric nurse from Winchester who complained to Connecticut regulators.
  • She accepts some blame for not reading the policy when it arrived. Cannavo received about $1,000, part of the $10 million in refunds that MetLife made last year to people around the nation who complained about the same retirement sales pitch.

1994 - LIFE INSURERS MOVE TO IMPROVE IMAGE AMID PUBLIC SKEPTICISM - Hartford Courant Newspaper - [LINK]