A money manager arranged for my retirement assets to be placed in funds that owned life insurance policies. Now, the company is imposing substantial fees -- $570 a month -- not disclosed at the original sale.
LPI Financial Services, Inc aka Life Partner Inc. provides clients to purchase "viaticals". These arrangements allow for the purchaser to buy an interest in an individuals life insurance policy, and allows the insured to use these funds during their lifetime for needed expenses.
LPI's own agreement, under "Acquisition Costs", states that "LPI's fees and wervies provide in the performance of its duties shall be completes and inclusive in the policy purchase deposit and the "purchaser' will not incurcosts of any type beyond the amount tendered as the policy purchase deposit" ...i.e. $5000.
Since this agreement was signed, LPI has requested a total of approximately $111.00 from us, which we have paid.
Now LPI is demanding another payment of $255 annually in order to preserve the original agreement, or "Failure to pay premiums could result in an abandonment and foreclosure on the interest."
This appears to be an illegal attempt to extort funds from past clients !!!!
LPI Financial Services Reviews
A money manager arranged for my retirement assets to be placed in funds that owned life insurance policies. Now, the company is imposing substantial fees -- $570 a month -- not disclosed at the original sale.
LPI Financial Services, Inc aka Life Partner Inc. provides clients to purchase "viaticals". These arrangements allow for the purchaser to buy an interest in an individuals life insurance policy, and allows the insured to use these funds during their lifetime for needed expenses.
LPI's own agreement, under "Acquisition Costs", states that "LPI's fees and wervies provide in the performance of its duties shall be completes and inclusive in the policy purchase deposit and the "purchaser' will not incurcosts of any type beyond the amount tendered as the policy purchase deposit" ...i.e. $5000.
Since this agreement was signed, LPI has requested a total of approximately $111.00 from us, which we have paid.
Now LPI is demanding another payment of $255 annually in order to preserve the original agreement, or "Failure to pay premiums could result in an abandonment and foreclosure on the interest."
This appears to be an illegal attempt to extort funds from past clients !!!!
Invest $5000. But person that insurance was taken out on has been same age for the last 5 years and dying of HIV.
Now company wants to charge $255. A year service fee plus a quarterly fee.
Company. Would not give money back but offer a $1000 for the $5000 invested.
Buyer beware.
I plan on giving it to any Attorney that sues these evil people.