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.
“I never thought something like this could happen to us,” said the two-time Cup Series champion in a statement. “These policies were sold to us as part of a retirement plan — something safe and secure that would grow tax-free and protect our family long after racing. We trusted the people who sold them, and the name Pacific Life. But the reality is far different.”
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.
From the filing:
“Upon information and belief, to induce Plaintiffs, Pacific Life presented multiple illustrations before ultimately having Plaintiffs sign a placehol
