If you were recommended a long term care insurance policy by your financial advisor, and that policy has lapsed, you might be able to recover the premiums paid against the brokerage firm who recommended it. Many brokers recommended long-term care insurance policies with promises and representations that the premiums would not change or fluctuate much. In reality, many of the policies purchased had premiums that have skyrocketed in recent years. This means many of the people who were recommended these policies can no longer afford the payments on the premium. This means despite paying tens of thousands of dollars for years, these policies are now worthless. The brokerage firms who peddled these products had a duty and obligation to disclose all material risks, including the fact that the premiums would skyrocket in price. Some of the major policies pedaled by financial advisors at firms like Merrill Lynch, Morgan Stanley, and UBS were Geneworth, Penn Treaty and John Hancock Policies. Many of these policies have now lapsed. In other instances the insurance companies refused to pay out legitimate claims.
If you were recommended long term insurance policies by your financial advisor and these policies have a lapse please contact our Chicago-based securities fraud law firm at 312. 332. 4200 for a no-cost review by an attorney as to whether these losses can be recovered.
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If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.
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