Our firm recently settled a case that arose out of fraud involving the sale of a life insurance policy. Our client, Annie Vickery, along with her late husband, had purchased a $50,000 life insurance policy with Liberty Life Insurance Company in 1986. They continuously paid the premiums on the policy in order to keep it in force. Over the life of the policy, the couple eventually paid Liberty Life more in monthly premiums than the face value of the policy.
About 20 years after purchasing the policy, the insurance company began sending the couple notices stating that their premiums were not high enough to sustain the benefit and that the policy would be cancelled if they did not pay the higher amount. However, these notices were contrary to the previous written agreement that outlined a much lower set monthly premium. Despite numerous efforts by the couple to get the issues resolved and the policy kept in force, the insurance company eventually cancelled the policy in January of 2006. That happened just a few months before our client’s husband died – an event that would have required the company to pay the policy’s face value.
After extensive discovery and several rounds of settlement negotiations, our firm was able to secure a good settlement for our client before the case went to trial. Mrs. Vickery can now concentrate on moving forward with her life and have a little more peace of mind in knowing that some good did come from the premiums that she and her late husband had paid for so many years. Bill Robertson from our firm, along with William Holmes of the Greensboro firm of Seale, Holmes & Ryan, LLC, represented Mrs. Vickery and did a very good job for her. We were pleased to have been able to settle the case in a satisfactory manner for our client.
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