INVESTMENT AND LIFE INSURANCE – POLICY SUITABILITY ISSUES REQUIRING A LAWYER
Mr. Sapourn has spent more than 30 years as a licensed Life Insurance Agent. In addition, he ran the business operations and legal compliance departments for two Registered Investment Advisors (RIA). He knows the duties and obligations imposed by law on salespersons.
Today, the issue of whether a life insurance policy, annuity or investment is suitable for a particular individual has become an area of focus by regulators. “Suitability” is defined as the appropriateness of recommended life insurance and investment products when the risks and benefits are considered in light of the purchaser’s age, assets, current holdings, liquidity, net worth, income needs, tolerance for risk and financial objectives.
Although most agents and brokers try to conduct themselves in accordance with ethical standards, some abuse their positions of influence by putting their own interests ahead of their clients’ interests. Agents and brokers must conduct the appropriate due diligence with their clients before recommending certain Investments or Annuities. Failure to document their efforts to qualify you for the product or investment they sold you exposes them to possible legal action.
If you believe a Life Insurance agent or stockbroker has sold you an investment you didn’t understand, that agent or broker may be liable to you for your losses. Don’t wait until it is too late. Michael Sapourn can help.
In the confusing world of insurance documents, shady agents, and just plain bad communication, let Mr. Sapourn clear up the confusion and put you back on the right path. Contact him today.