Free Insurance - Walker v LSW
(p163-4) - Expectation = No Charges after 10 years - Howlett
- Q And you thought after those ten years there would be no charges for the rest of your life for life insurance; correct?
- A I thought there would be no more charges for the rest of my life.
2014 0416 – DOC 809 – Trial Transcript – Day 6 – Walker v LSW – 236p
(p186)
Did they really think that the insurance became free after year 11?
2014 0425 – DOC 813 – Trial Transcript – Day 12 – Walker v LSW – 224p
Matthew DeSantos - LSW’s Senior Vice-President of Distribution and Business Development (himself a former insurance agent) - DOC 792 p27>
(p169) - Free Insurance / Policy Mechanics / Cash Flow Elements
Q And about the beginning account value -- excuse me, the accumulated value of $81,000 and the ending accumulated value of $62,000?
A Yes.
Q I think the point was made that the account value went down because of the charges associated with the policy. Do you recall that?
A Yes.
Q Do you know of any insurance policy ever sold that's free?
A No.
Q Do you know of any insurance policy that has a cash accumulation feature that doesn't have costs associated with it?
A No.
2014 0423 – DOC 812 – Trial Transcript – Day 10 – Walker v LSW – 194p