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Thank you for your post. Please permit me to assist you with your concerns.If I may ask, on what basis do you wish to sue? What has the life insurance company failed to provide or in what ways did they breach their contract? What happened?
My Husband was under the impression he would earn interest on his life savings, when he lost his job with the government, and asked how much money he could get monthly to live on. It turns out that we will only get 300.00 per month. We've invested 100,000 all of our savings and when we asked to close the account we told we could not.
His unemployment has ended and no job and no possibilities of a job. We are in dire straights. We need our money now.
What can we do? Our mortgage is more then 300.00 more like 1300.00
My husband was led to believe he would have access to our retirement this October however that is not true. He will be 60 yrs in June and 300.00 a month is not going to work.
How or can we get our money returned?
It is an annuity policy not a term. unfortunately my husband didn't understand and didn't ask question to the agent and trusted the agent he'd take care of him. in 2012 when my husband inquired about our savings he was told he would have to wait until this October to retrieve it, so we thought we could get it all back.
Yvetta,Annuities do happen to be tricky. They have a penalty if removed earlier, and a fine both from the IRS if removal is before 59 1/2, as well as a charge from the company. There is a limited amount that can be removed by your spouse each year, such as all the growth in value from the initial principal, but beyond that what would govern is the schedule formally defined in your husband's prospectus that he received with this product. Typically there is a graduated length of time when removal of more than a set amount would trigger charges and fees. You can always choose to remove, but then those charges would be something the company can charge you for the removal. As for removal without costs, if you can prove or show that the agent did not provide you with a copy of the prospectus (which defines and explains the fees), and id not explain the limitations of the account, then you could demand the company honor the terms. However, if you were granted all that documentation, then the company would be legally correct to not allow you to withdraw without first charging you a fee on the funds.Hope that helps.
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