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Man Sues Over Un-Purchased Life Insurance Policy

The Wall Street Journal (2/2, Scism) reported a lawsuit against Zey Financial & Insurance Services and the National Bank of California accuses them of conspiring to misinform Bruce Porter about the costs of premiums for a life-insurance policy intended for sell to an investor. Porter's suit claims his life insurance agent encouraged to pay an overdue $25,000 monthly premium, as his illness increased chances to sell his six-million dollar life insurance policy. His health ultimately improved and no investor purchased the policy, leaving him with a potential $690,000 loss. He's suing to recover the paid premium and to annul a bank loan. The Journal said suits from the insured represent the most recent backlash from the stranger-derived policies market.