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Nascar Cup Champion of the NASCAR CURDENSIT series KYLE Busch and his wife are warning the public about a suspected life insurance scheme that they say could cause their family to lose more than $8.5 million.
Bussch and his wife, Samantha, were released on Tuesday announcing that they had taken legal action against Pacific Life for allegedly swindling their lives as ‘retirement vehicles without funds’ that included investment vehicles. “
Nascar Cup Series driver Klele Busch (18) and his wife Samantha pose before the 1000bulbs.com start at Talladega Superspeedway in Talladega, 2018. (Jasen Vinlove / USA Today Sports)
“According to the filing, the defendants used misleading representations, undisclosed costs, and false promises of guaranteed multiples in premiums, resulting in the loss of basket buses in excess of $10.58 million,” RP buses said.
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Busch said in a statement provided by the firm that he was dragged into the financial crisis. “
“I never thought that something like this could happen to us,” she said. “These policies have been sold to us as part of a retirement plan – something safe and secure that will maximize tax returns and protect our family long after the race. But the reality is very different.”
Samantha Busch echoed that sentiment, adding that the situation “makes me worry about families, retirees, and anyone trying to seriously plan for their future who might be hearing those same promises.”
Nascar Cup Series driver Kyle Busch’s wife, Samantha Busch, before the AAA Texas 500 at Texas Motor Speedway in Fort Mope, Texas, on November 3, 2019. (Peter Casey / USA Today Sports)
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“If this can happen to us, it can happen to anyone, and I want people to know and protect their financial future,” he added. “If sharing our experience helps even one person secure their financial future, then speaking up is worth it.”
IULS is a type of life insurance that allows policy providers to create an amount of money based on the performance of the stock market index while it depends on the funds, and it depends on the premiums, and it depends on the complex formulas that can make it more dangerous than they see.
Buses said the policies were more dangerous and complicated than they were led to believe.
Nascar Cup Series Driver Kyle Busch (8) Prior to Nascar Cup Series Xlepinity Practicing 500 Practice and Qualifying at Martinsville Speedway in Martinsville, Virginia, on Oct. 2525. (Greg Atkins/Imagins Photos)
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“This is not just a problem for celebrities or professional athletes. It is a problem for everyday Americans,” said attorney Robert G. Rikard in a statement. “Across the country, teachers, small business owners, and retirees are being sold onerous insurance contracts as if they were a prime example of how easy it can be.”
In a statement to FOX News Digital, Pacific Health declined to comment on the details of the suit.
“In order to preserve the privacy and trust of our clients, the life of the Pacific does not comment on the clarification of certain issues. We encourage people to use our clients, we encourage certain people to visit our website or contact their financial advisor to learn more about our products.”
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