Life Insurance Fraud?


New Member
North Carolina
Hello, I have a question. A year ago, my insurance agent introduced whole life insurance under the misconception of a "be your own bank" type of program and an "investment." We didn't receive any illustrations of the life of the policy at all other than a written paper done by him "displaying" numbers on there. We signed off on the medical application and that was it. Fast forward to today, after looking at my policy contract he electronically signed off on documents for my policy without my consent. He signed off on the life insurance illustrations breaking down the cash value per year, etc.

I have paid roughly $24k in premiums up to this point. If I file a complaint with the department of insurance, is there a change I can get that money back since it was fraudulent?
What should be my next step?
Go ahead and file the complaint. I don't know about NC but in many states referring to life insurance as an investment is illegal.

I have no idea if a complaint will get you any money back. You'll probably have to sue the agent to accomplish that and there is no guarantee that you'll be successful.

You might be able to recover some of the money by surrendering the policy in exchange for any cash value accumulation. Usually there is little or no cash value buildup in the first year because most of the premium money goes to the agent's commission.

But with $24,000 in premium it might be the type of policy that starts early. You'll have to read it to find out.

I hope you realize that your predicament is your own fault. You should have been investigating this "investment" before committing to it. And taking a year to "look" at your policy. Oy.