Pacific Life seeks to dismiss Kyle Busch’s $8.5M lawsuit over insurance policies
Pacific Life is attempting to dismiss Kyle Busch’s $8.5 million lawsuit, claiming he mismanaged his Indexed Universal Life insurance policies.Summary
Pacific Life Insurance Company is seeking to dismiss a lawsuit filed by NASCAR champion Kyle Busch and his wife, who allege they were sold insurance policies under false pretenses. The Buschs purchased five Indexed Universal Life (IUL) policies between 2018 and 2022, intending to secure over $90 million in insurance protection and build retirement income. Pacific Life argues Busch failed to adequately fund the policies, allowed some to lapse, and surrendered others, resulting in a loss of funds. They contend Busch acknowledged understanding the policies' terms and that his claims are outside the statute of limitations. The Buschs claim they were promised a substantial annual income upon reaching age 52, but discovered most of their investment had disappeared. They also allege agent Rodney A. Smith steered them toward a high-risk product with an undisclosed commission. Pacific Life maintains the Buschs received clear disclosures and had ample opportunity to review and cancel the policies.
(Source：Halifax Today)