Kyle Busch and wife Samantha have filed a lawsuit that claims losses of more than $8.5 million after being misled into purchasing complex life insurance policies they were led to believe were safe retirement plans.
The complaint was filed on October 14 in Lincoln County, North Carolina and accuses Pacific Life Insurance Company of misrepresenting Indexed Universal Life (IUL) policies as ‘tax-free retirement plans’ that would provide self-funding retirement income.
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According to the complaint, the Busch family paid over $10.4 million in premiums based on what they claim were misleading illustrations, undisclosed costs and general lies of what they would receive in return.
— Motorsport —