• You've probably read about the many insurance scams, where agents sold ``retirement plans'' that were life insurance in disguise.
• Here's a variation: agents selling insurance policies under the name ``college savings plans.''
• ......................
• MetLife spokesman Charles Sahner says the suit has no merit because these parents knew they were getting life insurance. Under company policy, he adds, people like the Rosteks would have been told that any withdrawals carried a tax penalty.
  • The Rosteks say they were never informed.
• Similar problems arose in Florida, where some MetLife agents worked up a pitch for what they called ``MetLife's College Funding Program.''
  • Again, it was life insurance they were selling, but they targeted members of the state-run Prepaid College Program.
• .....................
• MetLife's Sahner says that any buyers who were misled will be reimbursed. They also can be reinstated in the state's prepaid tuition plan with MetLife covering all the costs of making them whole.

• Florida has nine other insurers under scrutiny for hustling college savings plans, but no names were released. But even when sales pitches don't mislead, there's a strong case against choosing life insurance for an education fund:

1995 0808 - Roanoke Times - College Plans are in Scams in Disguise, by Jane Bryant Quinn, Washington Post Writers Group - [link]