Most people are unaware of the huge commissions that are paid to insurance agents who sell large face value life insurance policies.  Normally, the compensation paid to the sales agent is is not only a percentage of all policy premiums paid, but also, as much as 90% of the first year premium.  In order to sell insurance, many agents hold themselves out as financial advisers with expertise in estate planning.  One dubious way of convincing high net worth clients to buy large life insurance policies is to make the case that the policy proceeds can be used to pay taxes that arise on the death of the high net worth insured.  What is often not said is that unless the insurance policy transaction is structured properly under IRS regulations, any policy proceeds will be included in the gross taxable estate, thereby actually increasing the amount of taxes that arise from the death of the insured.   Of course, the agent may be counting on the fact that the client will not be around to complain if this happens.  Our firm has many years of experience handling insurance claims and we are accepting cases in which agents of recommended and sold unsuitable life insurance under the guise of giving estate planning advice.  We handle these types of cases on a contingency fee basis in which we are not paid a fee unless we recover damages for our clients.

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